Bitcoin is heading for an almost 40% acquire in November and is approaching the $100,000 mark
“Make Bitcoin Great Again” hats will be available for sale at the Bitcoin 2024 conference in Nashville, Tennessee on July 27, 2024.
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Bitcoin price is having one of its best months of the year after former President Donald Trump's election victory catapulted the flagship cryptocurrency to new records throughout the month.
According to Coin Metrics, Bitcoin is on track to post a 38% gain in November, which would make the month its best since February, when it gained 45% following the launch of spot Bitcoin ETFs. That was also more than the first new record of the year since November 2021.
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Bitcoin climbs to its best month since February
On an intraday basis, Bitcoin was last up more than 2% at $97,081.81. It was previously trading at $98,722.00. Coinbase fell 4.75% while Bitcoin Proxies Microstrategy And Mara Holdings increased by 0.67% and 1.86%, respectively.
In November, investors priced in Trump's second presidency. During his re-election campaign this year, he presented himself to Americans as the candidate who would lift the crypto industry out of a dark period marked for many by the lack of clear regulation of digital assets and the Securities and Exchange Commission's regulation-by-enforcement approach The Exchange Commission under Chairman Gary Gensler is committed to crypto companies.
Trump's victory sent the price of Bitcoin higher and is now just a few hundred dollars below the highly anticipated $100,000 milestone. While another Trump term is expected to add another layer of legitimacy to the fledgling crypto industry, it also serves as a macro catalyst, implying larger budget deficits, potentially more inflation and changes in the dollar's international role – all things that matter would have a positive impact on the Bitcoin price.
After the election, Bitcoin ETFs led by BlackRock's popular IBIT fund saw strong inflows – including at one point their biggest day of inflows ever – initially offsetting selling pressure from long-term investors who took profits at new highs. During the same period, options trading on Bitcoin ETFs began, ushering in a new way of trading and speculating on the Bitcoin price.
Bulls expect Bitcoin price to reach $100,000 by the end of 2024 and potentially double by the end of 2025. While the outcome of the US election drove up the price in the short term, many investors agree that its effect as a Bitcoin catalyst will continue into 2024. From a regulatory perspective, the coin has already been largely uncollateralized, there is little uncertainty about it how it is traded or what role it plays as digital gold, and investors rely on its fundamentals to keep its price higher.
A price increase is expected, particularly due to the reduction in Bitcoin supply following this year's halving in April and the growing demand for Bitcoin from institutions as well as states and countries as government reserve assets. The peak of the Bitcoin cycle usually lasts at least a year after the halving.
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