Bitcoin price just had its best Q1 since 2013 after the digital currency gained nearly 100% in the last 3 months amid a surge in retail and institutional demand. Bitcoin currently has a market cap of more than $1.1 trillion.
According to the latest data published by crypto research and analytics platform Bloqport, Bitcoin posted net gains in the first three months of 2021. The world’s largest cryptocurrency gained nearly 15% in January, around 37% in February, and 29% in March.
Bloqport added that the current bull run in BTC is the best performing cycle for the digital currency since 2013. BTC posted nearly 300% gains during the first quarter of 2013. Bitcoin experienced its worst Q1 in 2018 when the digital currency lost nearly 50% of its value.
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Bitcoin is taking advantage of the growing institutional demand. Finance Magnates reported yesterday that Goldman Sachs, one of the largest investment banks in the world, is planning to introduce Bitcoin-related investment products.
“We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be. But I think it’s fairly safe to expect it will be part of our future,” Mary Rich, Head of Digital Assets at Goldman Sachs mentioned in a statement yesterday.
Bitcoin in 2021
Despite small corrections, the price of the world’s largest digital currency has been on the rise since the start of 2021. Bitcoin started this year at a price level of approximately $29,000. BTC’s limited supply and a surge in demand pushed the price of the cryptocurrency to a record high of $61,000 in March. According to the latest data published by Charlie Bilello, Founder and CEO of Compound Capital Advisors, Bitcoin produced an average annualized return of more than 230% in the last decade, compared to just 20% by Nasdaq.
As of writing, BTC is trading near $59,000 with a market dominance of more than 58%.