Bitcoin and CoinDesk 20 Rise 137% and 128% Respectively in 2023
As East Asia approaches the Lunar New Year, a review of bitcoin's performance in the previous Year of the Dragon reveals significant gains:
- Bitcoin (BTC) increased by 137%
- CoinDesk 20 (CD20) index rose by 128%
The surge was attributed to various factors, including the election of U.S. President Donald Trump, which coincided with predictions of volatility followed by a rally.
However, ether (ETH) underperformed, only gaining 35% due to unmet expectations regarding ether exchange-traded funds and Ethereum protocol upgrades.
Looking ahead to the Year of the Snake, CLSA forecasts:
- Cautious optimism with modest initial gains
- Volatility and temporary declines in early spring
- Potential market surges by mid-year
- Stagnation in summer and minor setbacks in autumn
- Renewed momentum towards year-end
Investors are advised to seek professional advice rather than rely solely on these predictions.