Bitcoin storms toward its strongest quarter in 2 years with a 72% jump, outperforming the Nasdaq and gold

• Bitcoin is on track for its best quarter in two years, with the token so far seeing a 72% jump.
• It's currently at $28,360, but at the end of 2022 some experts were forecasting a plunge to $12,000.

Bitcoin has stormed to a 72% gain over the last three months and is on track for its strongest quarter in two years.

The token has outperformed both the Nasdaq 100 and gold, which are up 15% and 9%, respectively, in the same stretch. Bitcoin's rally is also exceeding those of other cryptos, including ether's 50% jump.

On Wednesday, bitcoin hovered around $28,360, after starting the year at about $16,600. The rally has pushed the market value for the world's largest cryptocurrency to $542 billion, according to CoinDesk data.

That rebound has coincided with expectations for the Federal Reserve to slow down the pace of interest rate hikes this year, lifting prices of risk assets overall, as inflation continues to cool.

And bitcoin got another boost after the collapse of Silicon Valley Bank set off fears of broader bank contagion.

Traders are now anticipating the so-called Fed pivot to happen this year. Fed funds futures show markets are pricing in an easing cycle to start in June, with a 25-basis-point cut.

"Silicon Valley Bank meltdown has directed a lot of attention on the permissionless and autonomous nature of Bitcoin for storing savings," Enrico Rubboli, the CEO of blockchain scaling provider Mintlayer, told Insider earlier this month. "Combined with a low CPI print, the price of bitcoin is pulling retail into the crypto economy again."