RATE Group | Bitcoin on Track for Best Q1 in Seven Years
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Bitcoin on Track for Best Q1 in Seven Years

31 Jan Bitcoin on Track for Best Q1 in Seven Years

Posted at 23:51h in Bitcoin News by

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Up almost 30% for the year already, Bitcoin is on track for its best Q1 performance in seven years. 

Strong Start to 2020 for Bitcoin

With a surging price for the month, Bitcoin is eyeing its strongest start to a calendar year since 2013.

It was trading for under $7,200 on Jan. 1st, with a market cap of just over $130 billion. It is now trading at around $9,250, according to CoinMarketCap. Its market cap has surged to $170 billion.

BTC price and market cap for January 2020
Courtesy CoinMarketCap, BTC price and market cap for January 2020

Its first quarter performances have been historically poor, with many pointing to pre-Lunar New Year selling pressure as the cause for its traditionally sluggish starts. 

According to data from analytics firm Skew, BTC’s best first quarter in the past seven years was in 2017, when it rose by around 11%. That was followed by its worst, with the original crypto plunging by over 50% in only three months at the beginning of 2018.

Currently trending almost 30% higher since the start of…

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