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Views: November has been a groundbreaking month for the cryptocurrency market. Let’s break down what made this month so exciting, the key events that shaped the market, and what we can expect in December.
November Highlights
Record Growth for Bitcoin:
November 2024 marked the fourth-largest BTC increase in the past three years. Bitcoin's price surged by 44%, reaching $99,598. This is less than 1% shy of the psychological $100,000 mark, making December’s prospects even more exciting.
Comparison with Historical Results:
November stands as one of the best-performing months for BTC, trailing only behind February 2024, January 2023, and October 2021. Bitcoin’s market dominance rose to 62%, driven by an increase in institutional investments via ETFs.
Record Investment in Bitcoin ETFs:
November set a new record for Bitcoin ETF inflows, reaching $6.2 billion and surpassing the previous record of $6 billion. This surge was fueled by optimism tied to Donald Trump’s victory in the U.S. presidential elections.
Factors Driving Growth
Political Support for Cryptocurrency:
President-elect Donald Trump announced plans to establish a Bitcoin strategic reserve and appoint crypto-friendly regulators. This bolstered investor confidence, particularly among institutional players.
Breakthroughs in the ETF Sector:
The approval of Bitcoin ETFs provided investors with a more transparent and accessible way to invest in BTC. On Election Day, November 5, ETF inflows alone amounted to $1.38 billion.
Bull Market Momentum:
The current market structure mirrors late 2020, when BTC saw significant growth amid increasing institutional interest.
Analytical Insights
RSI Levels: Bitcoin’s RSI remains at 75, indicating continued growth potential. Historically, bull markets peaked with RSI levels above 90.
Bitcoin’s November Movement: Market data highlights steady momentum, suggesting a strong close to the year.
Bitcoin movement, November 2024. Source: TradingView
December 2024 Outlook
Historically, December delivers an average growth of 5%. If the current trend holds, BTC could break through the $100,000 mark and potentially hit a new all-time high.
Other cryptocurrencies also show growth potential. Promising assets include Ethereum, Solana, and Avalanche, all maintaining strong positions amid renewed interest in DeFi and NFTs.
BTC/USD monthly performance. Screenshot source: CoinGlass
Veles Platform Updates
Key Metrics for November:
Trading Volume: $2.05 billion.
Total User Profit: $9.50 million.
Most Profitable Day: November 13, with $1.33 million in profit and 251,000 trades.
Platform Enhancements
