2023 TOP to BGN Historical Review

YEARLY HIGH

0.7932 BGN

YEARLY LOW

0.7402 BGN

YEARLY AVERAGE

0.7656 BGN

2023 TOP to BGN Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2023

During 2023, the TOP to BGN exchange rate experienced significant fluctuation. The market reached its absolute peak on January 5, valuing the pair at 0.7932. Conversely, the yearly low was recorded on July 14, dropping to 0.7402.

This high-to-low spread represents a total annual volatility of 0.0530 BGN. From a start-to-finish perspective, comparing the January average rate of 0.7786 to the December average rate of 0.7622, the exchange rate registered a net change of -2.10% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2023 high of 0.7932 was down 5.74% compared to the 2022 peak of 0.8415, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 TOP based on timing:

Yearly Peak High 3,966 BGN

2022 Average 3,989 BGN

Yearly Trough Low 3,701 BGN

Transaction Impact: A difference of 264.86 BGN purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2023.

0.7851

0.7504

JanuMarcMayJulySeptNove

TOP to BGN Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 0.7701, compared to 0.7611 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.0090 points.

H1 Avg (Jan–Jun) 0.7701

H2 Avg (Jul–Dec) 0.7611

Volatility Range Comparison

Volatility

The most volatile month in 2023 was July, with a trading range of 0.0252 BGN (High: 0.7654 / Low: 0.7402). On the other end, August was the most stable month, with a tight range of 0.0092 BGN (High: 0.7585 / Low: 0.7493).

July Spread (Volatile) ±0.0252

August Spread (Stable) ±0.0092

Growth Streaks & Declines

Trends

Between July and October, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 3 straight months. Conversely, the sharpest month-over-month decline occurred between March and April, when the average rate fell by 0.0169 points.

Longest Streak 3 Mo.

Sharpest MoM Drop -0.0169

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (January 2023: 0.7786) against the same month in 2022 (average: 0.7593), the exchange rate shifted by +0.0193 (+2.54%).

2023 Avg (January) 0.7786

2022 Avg (January) 0.7593

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	0.7932	0.7727	0.7786
February	0.7881	0.7737	0.7822
March	0.7857	0.7625	0.7742
April	0.7644	0.7483	0.7573
May	0.7718	0.7497	0.7630
June	0.7725	0.7567	0.7649
July	0.7654	0.7402	0.7533
August	0.7585	0.7493	0.7539
September	0.7785	0.7594	0.7662
October	0.7812	0.7622	0.7722
November	0.7686	0.7500	0.7586
December	0.7706	0.7548	0.7622