Bitcoin has shattered records in November 2024, achieving an unprecedented monthly gain of $26,400 and closing at approximately $96,400.
This surge represents a 37% increase, marking November as the second-best month for Bitcoin this year. The monthly gain of $26,400 is the highest monthly Bitcoin gain ever recorded.
Source: X
Several factors have contributed to this remarkable ascent:
- Institutional Adoption: The approval of Bitcoin spot ETFs, such as BlackRock’s iShares Bitcoin Trust, has opened avenues for institutional investors, injecting substantial capital into the market.
- Favorable Political Climate: The re-election of President Donald Trump, who has pledged to make the U.S. a leader in cryptocurrency, has bolstered market confidence.
- Market Dynamics: A decline in institutional demand and profit-taking by long-term holders have introduced volatility, yet the overall trend remains bullish.
In terms of seasonality, November lived up to its reputation as a strong month for gains, December’s average gain of 5% is lower, but traders remain optimistic that we will see a $100,000 this year.
Source: BNC Bitcoin Liquid Index
As Bitcoin approaches the $100,000 milestone, analysts are divided. Some view it as a significant psychological barrier, while others believe the current momentum could propel Bitcoin well beyond this threshold. And now, we wait.
