FameEX Hot Topics | Bitcoin Achieves 129% Year-to-Date Growth Seven Months Post-Halving

Bitcoin’s availability on digital asset exchanges continues to shrink, with only 2.5 million BTC currently available for purchase, according to CryptoQuant data. This decreasing supply coincides with Bitcoin’s strong market performance in 2024, fueled by pivotal events such as the United States Presidential election and the April 2024 halving.

The cryptocurrency has recorded a 129% year-to-date gain, with a notable 37% increase in November alone, as reported by ICO Analytics. Historical data from ICO Analytics highlights that November 2024 was one of Bitcoin’s strongest months, surpassed only by November gains in 2013 (459%), 2017 (54%), and 2020 (42%). The performance aligns with past halving cycles, where Bitcoin’s price begins to rise significantly around six months after the event.

As Bitcoin inches closer to the $100,000 milestone, analysts see it as a critical psychological level. However, achieving this target has proven challenging. On November 22, Bitcoin briefly crossed $99,000 before retracing to the $96,000-$98,000 range. This price volatility reflects the market’s cautious optimism and the technical resistance Bitcoin faces as it approaches six figures.

Meanwhile, futures markets have already breached the $100,000 threshold. On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time in a week. This development has fueled speculation among analysts that the spot price may soon follow, solidifying Bitcoin’s position as a leading digital asset.

Despite Bitcoin’s rising prices, its dominance in the cryptocurrency market has declined. On November 30, Bitcoin’s dominance dropped to 56.1%, suggesting that investors are taking profits and reallocating capital into altcoins. This rotation signals the potential start of an altcoin season, where alternative cryptocurrencies could see significant growth alongside Bitcoin’s continued momentum.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.