Up almost 30% for the year already, Bitcoin is on track for its best Q1 performance in seven years.<\/p>\n
With a surging price for the month, Bitcoin is eyeing its strongest start to a calendar year since 2013. <\/p>\n
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.<\/p>\n
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.<\/p>\n
According to data from analytics firm Skew, BTCs 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. <\/p>\n
Currently trending almost 30% higher since the start of January, it is on target to substantially outperform its Q1 average.<\/p>\n
With its third block reward halving event set for May, many pundits have suggested that a pre-halving price surge is long overdue. That assertion has been controversial, however, with others arguing that BTC halving events have no impact on price.<\/p>\n
Institutional demand could be another reason behind Bitcoins January price surge. Grayscale recently reported 2019 inflows of over $600 million, with a third of that coming in the last quarter of the year. 2019 saw inflows into the fund manager surpass cumulative inflows from the previous six years combined.<\/p>\n
There are still two months to play out in Q1 2020. But Lunar New Year has already passed, a supply shock is a little over three months away, and institutional demand continues to rise. <\/p>\n
Bitcoins roaring start to 2020 could foreshadow a bullish cycle ahead.<\/p>\n
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