Bitcoin and liquid staking protocols lead crypto resurgence in Q1 2023
The first quarter of 2023 saw Bitcoin outperform traditional assets after a 72% quarterly gain in market capitalization. The cryptocurrency ecosystem has enjoyed a buoyant start to the year as Bitcoin (BTC) and decentralized finance (DeFi) protocols surge in market capitalization through the first quarter of 2023. These are the key takeaways from the first quarterly Crypto Industry Report published by CoinGecko on April 18. BTC emerged as the best-performing asset of Q1 2023, with gains of 72.4%, outperforming the likes of the NASDAQ index and Gold which marked 15.7% and 8.4% gains, respectively. The report highlights that all major asset classes saw gains through the first quarter of the year, barring crude oil, which dropped by 6.1%. This decline was attributed to United States inflation data which cited a reduction in oil demand and ill effects of the U.S. banking crisis. Bitcoin has been the best performing asset through the first three months of 2023. Source: CoinGecko 2023 Q1 Cr...