Bitcoin (BTC) has risen 36% so far this month and is closing out its best November since 2020, when it rose 40%.
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 gained 46%.
Bitcoin’s strong performance this November has largely been driven by news that Donald Trump won the U.S. presidential election.
Trump retakes the White House promising to make America the “crypto capital of the world.” Bitcoin has rallied hard since the Nov. 5 U.S. election on those expectations.
November has traditionally been a dramatic month for Bitcoin.
In November 2021, the price of Bitcoin hit a record high of just under $69,000 U.S. after the U.S. Securities and Exchange Commission (SEC) approved crypto exchange traded funds (ETFs).
A year later, in November 2022, Bitcoin fell below $16,000 U.S. after cryptocurrency exchange FTX collapsed and filed for bankruptcy.
Earlier this November, Bitcoin hit a fresh record high at $99,768 U.S., up more than 500% since its 2022 low and up 122% so far this year.
Prior to the U.S. election earlier this month, Bitcoin got a boost at the start of 2024 when spot Bitcoin ETFs began trading on American exchanges in January.
Bitcoin is currently trading at $96,650 U.S., with many fans of the cryptocurrency eagerly waiting for it to cross the $100,000 U.S. threshold for the first time.
