Bitcoin (BTC) has gained 36% this month and is closing out its best November since 2020, when it rose 40%.
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According to Dow Jones Market Data, the largest cryptocurrency by market capitalization is on track for its best monthly performance overall since February of this year, when it increased 46%. Bitcoin’s strong performance this November has been driven by news that Donald Trump won the U.S. presidential election.
Trump returns to office promising to make America the “crypto capital of the world.” Bitcoin has rallied since the November 5 U.S. election on expectations of crypto-friendly policies in Washington, D.C. Prior to the U.S. election, Bitcoin got a boost at the start of 2024 when spot BTC exchange traded funds (ETFs) began trading on American exchanges.
A Topsy-Turvy Month
November has traditionally been an up-and-down month for BTC. In November 2021, the price of Bitcoin hit a record high of just under $69,000 after the U.S. Securities and Exchange Commission (SEC) signaled that it was likely to approve crypto ETFs.
A year later, in November 2022, Bitcoin fell below $16,000 after cryptocurrency exchange FTX filed for bankruptcy. Earlier this November, Bitcoin hit a fresh record of $99,768, up more than 500% since its 2022 low and up 122% this year.
Bitcoin is currently trading at $98,131.69, with crypto bulls eagerly waiting for the price to cross the $100,000 threshold.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so instead we look at the cryptocurrency’s three-month performance. As one can see in the chart below, the price of BTC has risen 61.93% in the last 12 weeks, which is a solid result.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
