Crypto Market Update: BTC Gains Amid Banking Crisis, Analysts Predict Breakout Targets for Top Coins.
Bitcoin gained 68% in the first quarter of 2023, posting its best quarterly performance in over two years, while the broader CoinDesk Market Index (CMI) is up 58% on the quarter with ether and cardano up 50% and 57% respectively. The computing sector and currency sector benefited from the positive sentiment surrounding artificial intelligence and the expansion across central bank balance sheets. Bitcoin's 25% gain during the regional banking crisis can be attributed partly to the steepening of the yield curve in the bond market. Digital assets tend to do best when they trade according to their own narrative and decouple from the factors and themes driving traditional asset classes.