{"id":317545,"date":"2023-06-01T07:00:52","date_gmt":"2023-06-01T01:30:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=317545"},"modified":"2023-06-01T01:37:33","modified_gmt":"2023-05-31T20:07:33","slug":"bitcoin-outshines-these-commodity-assets-is-2023-the-year-of-btc","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-outshines-these-commodity-assets-is-2023-the-year-of-btc\/","title":{"rendered":"Bitcoin is outshining again; is 2023 BTC&#8217;s year?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin has shown increased decoupling from the main asset classes of the traditional market.<\/em><\/li>\n<li><em>BTC&#8217;s correlation with gold retracted from its all-time high to stand at 11% as of 31 May.\u00a0<\/em><\/li>\n<\/ul>\n<p>Over the last few months, the world&#8217;s largest crypto asset by market cap Bitcoin [BTC] gained an upper hand over other major commodity assets of the financial market. As per on-chain analytics firm <a href=\"https:\/\/twitter.com\/glassnode\/status\/1663513835292983299?s=20\" target=\"_blank\" rel=\"noopener\">Glassnode<\/a>, the king coin outperformed Crude Oil, Gold, and Silver to clock a 14.5% growth rate over the last three months.<\/p>\n<p>While the price of Crude Oil fell by 4% in the same period, there was some good news from the bullion market. This was because precious metals like Gold and Silver grew by 7.5% and 12.7% respectively.<\/p>\n<figure id=\"attachment_317548\" aria-describedby=\"caption-attachment-317548\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-scaled.jpg\"><img decoding=\"async\" class=\"size-full wp-image-317548\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1474\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-300x173.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-1024x590.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-768x442.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-1536x885.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-8-2048x1180.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-317548\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h3>Bitcoin emerging as a safe-haven asset?<\/h3>\n<p>The fact that Bitcoin&#8217;s growth came amidst the U.S. banking crisis reinforced BTC&#8217;s long-supported narrative of being a safe-haven asset. A safe-haven asset is one whose value is anticipated to remain stable or increase through periods of economic downturns.<\/p>\n<p>The crisis prompted many investors to dump their bank stocks and transfer their funds into the crypto economy, more specifically, Bitcoin.<\/p>\n<p>In recent months, Bitcoin has shown increased decoupling from the main asset classes of the traditional market. According to Kaiko, a source of market statistics for digital assets, Bitcoin&#8217;s correlation with Gold dropped to 11% from a multi-year high of 50% in April.<\/p>\n<p>In addition, since the beginning of 2023, the virtual currency&#8217;s correlation with American stocks <a href=\"http:\/\/ambcrypto.com\/will-china-capitalize-on-the-uncertain-crypto-regulatory-landscape-in-the-u-s\/\" target=\"_blank\" rel=\"noopener\">fell<\/a> considerably. This indicated that Bitcoin was increasingly seen as an independent asset class.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#39;s correlation with <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&amp;ref_src=twsrc%5Etfw\">#gold<\/a> has retraced from all time highs, and currently sits at 11% <a href=\"https:\/\/t.co\/QGdJvSX5qz\">pic.twitter.com\/QGdJvSX5qz<\/a><\/p>\n<p>&mdash; Kaiko (@KaikoData) <a href=\"https:\/\/twitter.com\/KaikoData\/status\/1663564771147538432?ref_src=twsrc%5Etfw\">May 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>These factors could be at play<\/h3>\n<p>One of the key reasons why Bitcoin can prove to be a legitimate store of value is its scarcity. In less than a year, Bitcoin will undergo yet another <a href=\"https:\/\/bitcoinblockhalf.com\/\" target=\"_blank\" rel=\"noopener\">halving event<\/a> that will further cut down the rewards paid to miners for producing blocks. This essentially means that Bitcoin is a deflationary asset. Furthermore, the issuance of coins will decrease over time, resulting in significant value appreciation.<\/p>\n<figure id=\"attachment_317590\" aria-describedby=\"caption-attachment-317590\" style=\"width: 813px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-new.png\"><img decoding=\"async\" class=\"size-full wp-image-317590\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-new.png\" alt=\"\" width=\"813\" height=\"603\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-new.png 813w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-new-300x223.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-new-768x570.png 768w\" sizes=\"(max-width: 813px) 100vw, 813px\" \/><\/a><figcaption id=\"caption-attachment-317590\" class=\"wp-caption-text\">Source: bitcoinblockhalf.com<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>But it was not just speculative interest driving the value of Bitcoin. It has seen a remarkable increase in its utility since the start of 2023 with the Ordinals protocol paving the way for the creation of non-fungible tokens (NFTs), coins, and stablecoins on the network.<\/p>\n<p>This has piqued the interest of retail investors, as evidenced by the growing number of addresses holding less than 10 BTC. However, the coin&#8217;s weighted sentiment remained neutral and didn&#8217;t shift in favor of any one particular market emotion.<\/p>\n<figure id=\"attachment_317598\" aria-describedby=\"caption-attachment-317598\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-317598\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Bitcoin-BTC-18.02.45-31-May-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-317598\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s sharp growth amidst the banking crisis of U.S. has reinforced the king coin\u2019s long-supported narrative of being a safe-haven asset.<\/p>\n","protected":false},"author":70,"featured_media":317549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-317545","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin is outshining again; is 2023 BTC&#039;s year? 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She has always been fascinated by how the tides of finance and technology shape communities across demographics. 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