Bitcoin Sees Nearly 40% Gain in November, Nearing $100,000

Bitcoin is on track for an impressive month, set to post a 38% gain for November. This would be its best month since February when it gained 45% after the launch of spot bitcoin ETFs. The price of bitcoin soared throughout November, hitting new records after former President Donald Trump’s re-election victory.

At last check, bitcoin was up over 2% at $97,081.81, after reaching as high as $98,722.00. While Coinbase fell 4.75%, bitcoin proxies like MicroStrategy and Mara Holdings saw gains. Investors were enthusiastic in November about the prospects of Trump’s second presidency, seeing it as a positive move for the cryptocurrency industry.

The optimism surrounding Trump’s victory pushed bitcoin close to the $100,000 mark, a milestone eagerly anticipated by many. The expectation of Trump’s second term bringing more legitimacy to the crypto industry and macro-level shifts like larger budget deficits and inflation added to the bullish sentiment around bitcoin’s price.

Many expect bitcoin to hit $100,000 by the end of 2024 and potentially double by the end of 2025. The recent influx of inflows into bitcoin ETFs, led by BlackRock, offset some sell pressure from profit-taking long-term holders. With new bitcoin ETF options trading and a more stable regulatory environment for cryptocurrencies, investors are optimistic about bitcoin’s future trajectory.