FameEX Hot Topics | Bitcoin Posts 129% Year-to-Date Growth Seven Months After Halving

Bitcoin’s availability on digital asset exchanges is steadily decreasing, with only 2.5 million BTC available for purchase, according to CryptoQuant data. This declining supply coincides with Bitcoin’s robust market performance in 2024, driven by key events such as the United States Presidential election and the April 2024 halving, which historically influences price surges.

The cryptocurrency has achieved a remarkable 129% year-to-date gain, including a 37% increase in November alone, as reported by ICO Analytics. Historical data shows that November 2024 ranks among Bitcoin’s strongest months, outpaced only by November gains in 2013 (459%), 2017 (54%), and 2020 (42%). These trends align with previous halving cycles, where Bitcoin typically experiences substantial price increases approximately six months after the event.

As Bitcoin approaches the $100,000 milestone, analysts consider it a crucial psychological benchmark. However, the path to six figures has proven challenging. On November 22, Bitcoin briefly crossed $99,000 before retreating to the $96,000-$98,000 range, reflecting market caution and the technical resistance at these levels. Despite the setbacks, the market remains optimistic about Bitcoin’s continued upward trajectory.

In the futures market, Bitcoin has already surpassed $100,000. On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 for the second time within a week. This development has bolstered speculation that the spot price could soon follow, reaffirming Bitcoin’s dominance as a premier digital asset in the crypto space.

Interestingly, Bitcoin’s market dominance has started to decline, dropping to 56.1% as of November 30. This suggests that investors are taking profits and reallocating funds into altcoins, signaling the potential start of an altcoin season. As Bitcoin continues its momentum, alternative cryptocurrencies are likely to see significant growth in tandem.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.