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Bitcoin Is On Track For Its Best January Since 2013

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is on track to have the best start to a year since 2013.

The price of Bitcoin has risen more than 40% this January amid ongoing weakness in the U.S. dollar.

Bitcoin’s price is currently hovering around $23,000 U.S. At the end of last November, the cryptocurrency was trading for less than $16,000 U.S. per coin.

If current trends hold, Bitcoin’s price surge this January would be its best start to a year since January 2013 when the price rose 51%.

Unlike stocks, Bitcoin and other cryptocurrencies trade 24 hours a day, allowing investors to keep track of order flows across different timeframes and infer the source of buying or selling.

The current rise in Bitcoin’s price has largely been driven by buying among U.S. retail investors, according to industry data.

Bitcoin's turnaround might be a good sign for U.S. stocks given that the cryptocurrency has a track record of bottoming weeks ahead of the benchmark S&P 500 stock index.

Despite its run up over the past month, Bitcoin’s price remains 38% lower than where it was 12 months ago.