Tokocrypto: Crypto Market Shows Positive Signs In The Second Quarter Of 2023

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JAKARTA - Tokocrypto external trader Fyqieh Fachrur sees the crypto market showing positive signs in the second quarter of 2023, thanks to the significant increase that occurred in the previous quarter.

"The second quarter will be a key moment to determine whether the crypto market can maintain the price increase experienced in the first quarter," said Fyqieh in an official statement in Jakarta, quoted from Antara, Friday, April 28.

The crypto market is off to a strong start to 2023, having ended the first quarter with a total market capitalization of US$1.2 trillion. Compared to the 2022 performance of US$829 billion, this achievement represents a gain of 48.9 percent or around US$406 billion.

According to him, the Bitcoin (BTC) momentum in early 2023 has produced a digital asset that outperforms other investment products, despite the dismal economic outlook.

In particular, Bitcoin has emerged as the best-performing asset class in the first quarter of this year with around 70 percent gains making it the best investment asset since Q1 2021 compared to stocks and gold.

The stability of the Bitcoin price in the first quarter of this year created a narrative that became a golden opportunity for investors to recognize and seek crypto projects with great potential. Bitcoin managed to maintain its positive momentum, thereby showing greater resilience compared to the previous year.

Apart from Bitcoin, various Altcoins have also experienced impressive price increases creating opportunities for investors seeking crypto projects with great potential.

Even though there is a positive possibility for the second quarter of this year, Fyqieh views that there are still external factors that need attention, such as the policies of the United States (US) Central Bank, The Fed, and Consumer Price Index (CPI) data in May, which can have a significant impact on the market crypto.

"The main question for the second quarter is the Fed's monetary policy. Many investors hope to at least provide stability where BTC does not experience too sharp a correction," he said.

He also predicts that Bitcoin can reach US$35,000 or around Rp.514 million amid the latest rally in the next few weeks.

The Fed will announce its rate hike decision on May 3, 2023, with a 25 basis points (bps) rate hike most likely according to current data.

BTC price is now trading near the psychological $30,000 level, recording a strong 85 percent rally this year. Bitcoin on Friday, April 28 at 09.00 WIB was traded at 29,556 US dollars or up 10 percent in the last 24 hours.

The 24-hour low and high were $27,284 and $30,000 respectively. Moreover, the trading volume has increased by 70 percent in the last 24 hours indicating increased interest among investors.