Bitcoin Posts Record 40% Monthly Gain
22 Nov, 2024 ● Crypto News
Bitcoin has achieved its largest monthly price increase in crypto history, edging closer to the six-figure mark for the first time.
During November, Bitcoin's price surged over 40.8%, setting a new all-time high for the largest monthly candle as BTC surpassed $99,000, according to Bitstamp data.
This record-breaking monthly performance comes just over two weeks after Donald Trump’s victory in the 2024 U.S. presidential election on Nov. 5, which reignited investor interest in risk-on assets like Bitcoin.
Many analysts are increasingly confident that Bitcoin will soon break the $100,000 barrier.
On Nov. 22, stablecoin inflows to cryptocurrency exchanges reached a record monthly high of over $9.7 billion, further supporting Bitcoin’s bullish outlook heading into 2025.
With eight days left in November, the potential for additional price gains remains high.
Historically, November has been Bitcoin's most bullish month, delivering an average return of over 46%, according to CoinGlass data.
Short-term sentiment among investors is also highly optimistic. On Nov. 22, the Crypto Fear & Greed Index from CoinMarketCap rose to 88, indicating “extreme greed,” up from 85 the previous week.
However, heightened investor greed could signal the possibility of a market correction.
The last time the index reached 80 was on April 9, prior to an 18% Bitcoin price drop over the following three weeks, falling from above $69,135 to a low near $56,500 by May 1, Bitstamp data shows.
The crypto industry is eagerly anticipating Bitcoin's move to $100,000.
Reaching this milestone seems inevitable, especially given Bitcoin’s utility as an inflation hedge. Marcin Kazmierczak, co-founder and COO of RedStone, explained the reasoning behind Bitcoin’s appeal:
“Buying Bitcoin as a hedge against inflation makes fundamental sense, since BTC as an asset has 0% inflation thanks to stiff supply. There’s still potential for generating wealth by late adopters, especially comparing the asset to gold that has hundreds of years of value storage history, whereas Bitcoin, as digital gold, only 15 years.”
Despite the optimism, some prominent figures in the crypto space have voiced caution.
On Nov. 12, Kris Marszalek, co-founder and CEO of Crypto.com, warned that the market might require deleveraging before Bitcoin can successfully cross the $100,000 threshold.
Sources:
https://cointelegraph.com/news/bitcoin-record-40-monthly-candle-crosses-99-k
https://www.tradingview.com/chart/JBpUV8Q8/?symbol=BITSTAMP%3ABTCUSD
