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2023 is Bitcoin's best January in 10 years

In January, Bitcoin jumped more than 40%.

By Luc Vesters
• 2 min read
2023 is Bitcoin's best January in 10 years

In January, Bitcoin jumped more than 40%. That makes 2023 Bitcoin's best January in 10 years. After a rough 2022, the crypto market is starting to recover.

The bull run was driven by American buyers, according to Markus Thielen, Head of Research at crypto services provider Matrixport. In a LinkedIn note, he explains: "Bitcoin is up +40% year-to-date with +35% of those returns occurring during US trading hours. That's an 85% #contribution of the rally associated with US based investors. Hence, we interpret this as a clear signal that US institutions are buyers of #Bitcoin right now."

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A key catalyst for Bitcoin's rapid price rise in January was lower US inflation, to which BTC reacted by reclaiming the $20,000 level.

After the U.S. Federal Reserve and the European Central Bank (ECB) recently raised their key interest rates, Bitcoin continued its recovery. Bitcoin is currently trading around $23,700.

Whether the rocket start continues and pushes the whole market into a sustainable bull mood remains to be seen. The long-term upside move, however, is only a matter of time— at least according to the experts.

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