Bitcoin gained 150% in FY24, to remain in positive trajectory in FY25: Experts

livemint.com:

The fiscal year 2024 has been a remarkable year for Bitcoin as it stood out as a shining star by surging over 150% in the past twelve months, outpacing stalwarts like Nifty50 and Gold, which saw gains of nearly 30% and 11%, respectively.

At the beginning of the fiscal year 2023-24, Bitcoin was valued at approximately $28,500. However, by March 2024, its price had surged dramatically to an impressive $73,750.

In the year starting April 1, 2023, Bitcoin has had a remarkable run. Bitcoin gained more than 50% by mid-June 2023, rallying alongside tech stocks to trade around $26,000. It remained close to $27,000 by late September, before starting a climb that would close the year significantly higher. 

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“As we look back on Bitcoin's performance in FY24 and look ahead FY25, the optimism surrounding this digital asset remains high. The involvement of institutions and the anticipation of the 4th Bitcoin halving signal a crucial moment for the crypto. The current upward trend in Bitcoin's price resembles the bull markets of 2020 and 2021, especially as Bitcoin achieves new all-time highs. Despite occasional high intraday selling, the market has shown resilience, with strong buying activity in response to dips," Sumit Gupta, co-founder, CoinDCX, told Livemint.

Gupta further added, “The current upward trend in Bitcoin's price resembles the bull markets of 2020 and 2021, especially as Bitcoin achieves new all-time highs. Despite occasional high intraday selling, the market has shown resilience, with strong buying activity in response to dips."

In January 2024, the SEC approved Bitcoin ETFs, and 11 fund