In its young lifetime, Bitcoin has seen its share of ups and downs. But as 2023 unfolds, the cryptocurrency demonstrates a new phase of growth and stability, rivaling traditional market giants.

Most Bitcoin price charts tell a story of either growth or volatility. However, a unique perspective emerges when we combine the two. In its first 13 years, Bitcoin became notorious for its dramatic price swings. But since the fall of 2023, a new narrative is being written. Today, Bitcoin’s volatility has subdued, making it less volatile than the S&P 500. This newfound stability is partly because about 40% of Bitcoin holders are now long-term investors.

2023 has been a pivotal year for Bitcoin. Starting in January, the cryptocurrency began a remarkable journey, rising by 83% to touch $31,035 by April 10. This wasn’t just a regular price increase; it represented Bitcoin breaking the formidable $30,000 resistance level.

From April to July, Bitcoin confidently traded around the $30,000 mark, reaching out to almost $32,000. The positive sentiment was buoyed by news of major financial institutions like BlackRock and Fidelity applying for spot Bitcoin ETFs.

But the journey wasn’t without its obstacles. Mid-August saw Bitcoin’s price drop from $29,000 to a two-month low of $26,000 within just 12 hours. This sharp decline, the biggest one-day drop since November 2022, was linked by some to reports of Elon Musk’s SpaceX selling its Bitcoin stash.

September too had its moments, with Bitcoin approaching the $25,000 line but never truly breaking it. Looking back, the cryptocurrency’s price danced between $26,000 and $29,500, even surpassing the $30,000 mark to 34,000. Yet, the key takeaway remains: Bitcoin closed October with 25%+ gains.

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