After seeming like it was doomed to failure, Bitcoin rallied early this year and recorded its best quarterly gain in two years – 72%.

The crypto market is now worth $542B.

Just a few months ago, experts worried that the value of Bitcoin could fall as low as $12K in the first quarter of 2023, but it defied expectations and outperformed rival ETH, Gold and Nasdaq.

Much of the recovery comes due tot he fact that investors are speculating central banks, led by the Federal Reserve, will stop aggressive rate increases in response to recession signals.

Bitcoin Opportunity Fund’s managing partner, David Foley, told crypto outlet CoinDesk that assets with sound money appeal, such as bitcoin and gold, are benefitting from liquidity injections in recent weeks designed to stave off banking sector instability. “With the Fed suddenly turning on a dime, having to throw some QE back into the system to protect the banking system, money flows into sound money assets: gold, silver. And bitcoin being sound money is going to be the fastest in the race.”