Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B – Cryptonium


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Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B

The market capitalization of Bitcoin (BTC) has been on a remarkable run this year, adding $194 billion in value and rising 66% YTD. This performance vastly outperforms top Wall Street bank stocks, which have seen their valuations drop by nearly $100 billion since the beginning of 2023.

This is especially notable considering that fears of a global banking crisis are growing among investors as the world continues to grapple with economic uncertainty due to COVID-19 pandemic and its associated lockdowns. In addition, for the first time in over a year Bitcoin’s price has decoupled from U.S stocks – with BTC up 65%, while S&P 500 had only gained 2.5% and Nasdaq was down 15%.

The impressive gains made by BTC have come despite significant volatility throughout 2021 so far; however it appears that investor confidence remains strong as they look towards crypto assets such as BTC for potential returns during these uncertain times . It will be interesting to see how long this trend lasts or whether one day we will witness an exodus back into traditional investments like Wall Street banks once more stability is restored globally .

Cryptonium Editors