As a seasoned crypto investor with over a decade of experience, I’ve witnessed the rollercoaster ride that is the cryptocurrency market. The current surge in Bitcoin price to new all-time highs is nothing short of exhilarating. With November being historically bullish for Bitcoin, I can’t help but feel a sense of anticipation for what’s to come.
The price of Bitcoin set a record for the largest monthly increase in cryptocurrency history, moving closer to reaching a value of one hundred thousand dollars for the first time ever.
In November alone, the value of Bitcoin (BTC) surged by approximately 40.8%, reaching an unprecedented peak. This impressive growth led Bitcoin to break through the $99,000 barrier, according to Bitstamp’s records, resulting in a fresh high for the largest monthly increase.
The highest monthly record for Bitcoin was reached more than two weeks following Donald Trump’s victory in the 2024 U.S. Presidential Election on November 5th, which sparked renewed interest among investors in speculative assets like Bitcoin.
More and more financial analysts are becoming confident that the value of Bitcoin will surpass $100,000. On November 22nd, the inflow of stablecoins into cryptocurrency exchanges hit a record monthly high of over $9.7 billion, which serves as another positive indicator for Bitcoin’s potential growth trend towards 2025.
November: More gains ahead for Bitcoin?
In simpler terms, reaching a record high this month, with eight days still remaining in November, is an impressive feat for Bitcoin, as its value might further increase over these remaining days.
Historically, Bitcoin’s prices tend to rise significantly during the month of November, with an average return of more than 46%, according to data from CoinGlass.
There’s a noticeable uptick in investor enthusiasm, suggesting a positive outlook in the near future. The sentiment among investors reached 88, which is categorized as “extreme greed,” according to data from CoinMarketCap’s Crypto Fear & Greed Index, an increase from the previous week’s level of 85.
However, the growing greed among investors could also signal a potential correction.
Previously, the index reached a score of 80 on April 9, and three weeks later, Bitcoin experienced a 18% decrease in value. This decline took it from approximately $69,135 to its lowest point near $56,500 on May 1, according to Bitstamp data.
Bitcoin has more upside at $100,000 as a hedge against inflation
The industry is awaiting Bitcoin’s potential run to $100,000 with bathed breath.
As a researcher delving into the fascinating world of cryptocurrencies, I find myself increasingly optimistic about Bitcoin’s potential to surpass the six-figure mark. This belief stems from its unique role as a safeguard against inflation, a function that has been eloquently emphasized by Marcin Kazmierczak, the co-founder and COO of RedStone.
He told CryptoMoon:
“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.”
In fact, some well-known creators of cryptocurrencies have expressed concerns in the past about the increasing avarice and levels of borrowing in the crypto market.
11th November saw Kris Marszalek, the CEO and co-founder of Crypto.com, express his viewpoint that the cryptocurrency market needs to go through a process of reducing debt (deleveraging) before Bitcoin can potentially reach $100,000.
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2024-11-22 13:09