Bitcoin Soars 170% in 2023, Makes Most Holders Rich

• Trading above $42,000, many BTC holders now trade at a profit.
• BTC’s market capitalization has increased by over 170%, while its price has more than doubled.
• The crypto market has seen significant growth in 2023, with many assets currently at multi-month highs.

With many assets currently trading at multi-month highs, the year has marked a recovery from the bearishness that plagued the crypto market in 2022.

In a new report assessing the on-chain performance of leading coins, on-chain data provider Glassnode found that Bitcoin’s [BTC] market capitalization has risen by over 170% since January. As for Ethereum [ETH] and other altcoins, they have witnessed over 90% growth in their market capitalizations.

Year of the Bull for BTC According to Glassnode, a notable characteristic of this trading year has been the unusual shallowness of price pullbacks and corrections for BTC.

BTC Bull Market Correction Drawdowns (Source: Glassnode)

Compared to past bull markets with frequent 25% or even 50% retracements, this year’s deepest correction has been a 20% dip in the BTC’s price.

The research firm noted:

The buy-side support and the overall supp…

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