Since bitcoin’s price was first measured in fiat value in 2010, only four of the November 11s in bitcoin’s history have seen monthly declines. Eight of the Novembers in bitcoin price history have seen bitcoin surge from the first of the month to the last day of November. Following the collapse of FTX, an event that took place immediately after the first week of the month, it appears that the price of bitcoin in November 2022 has a high probability of ending in negative percentages against the US dollar.
Bitcoin in November
Things looked to be on the upside, in bitcoin price, a week before the FTX fiasco, as the top crypto asset was trading above the $20,000 zone. On November 1, bitcoin (BTC) changed hands for $20,485 per coin.
Since November 9, 2022, the price of BTC has been close to $4,000 below this range at $16,664 per unit. Now with less than two weeks left in November, for the price of BTC to overcome what it lost, it must break through the range of $20,500 or more by November 30, 2022.
This means that for bitcoin price in November to join the previous eight November bulls, by the end of November, BTC must rise 18.7% against the US dollar. On November 1, 2010 bitcoin started the month at $0.19 per token and by the end of November it was at $0.23.
November 2010 was an increase of 21.05%, even though the price of BTC was only up four cents from the start of the month. 2011 was the first November when BTC was down at the end of the month.
Bitcoin started at $3.25 per unit on November 1, 2011 and on the last day of November it was down 15.38% and trading at $2.75. The following year in 2012, the price of bitcoin in November increased by 11.16% against the US dollar.
On November 1, 2012, BTC was $11.20 per coin, and on November 30, 2012, the price per bitcoin was $12.45. In November 2013, BTC jumped 447% against the greenback that month. At the time, the price went from $206.18 per BTC to $1,129 per bitcoin.
November 2014 was also a positive month for BTC, but not as high as the previous year. Bitcoin jumped 16% from $325.89 per unit to $378.05 per token. The USD value of Bitcoin in November 2015 was almost identical to 2014 and so was the price increase.
BTC jumped 14% from $325.43 per token on November 1, 2015 to $371.29 per unit at the end of the month. BTC prices from November 2016 and 2017 were also positive. During the first week of November 2016, BTC was trading hands for $711.52, and by the end of the month it was up 2.88% to $732.03.
November 2017 was a bigger jump (25.96%) from $7,407.41 per BTC to the month-end price of $9,330.55 per BTC. November 2018 and 2019 BTC prices saw declines yielding negative percentages.
In November 2018, bitcoin fell from $6,376.13 per unit to $4,009.97, losing 37% that month. In November 2019, the USD value of BTC fell from $9,235.35 per unit to $7,047.92 per bitcoin, a decline of 23.68%.
November 2020 BTC prices fell from $13,737.11 on November 1 to $18,177.48 at the end of the month. Bitcoin price in November 2020 increased by 32.32%. The USD value of Bitcoin in November 2021 saw the price hit BTC’s lifetime high against the greenback at $69,044 per unit on November 10, 2021.
However, BTC started the month at $63,326.90 and ended November at $57,248.46 per BTC, losing 9.59% over the month. From the way things look now, it seems that the likelihood of November 2022 joining the last four red months during the lifetime of BTC’s recorded value is much higher.
18.7% is a pretty high climb from here, but in the crypto world, that’s not out of the ordinary either. Overall, 2022 has been a lower year, in general, considering the value of BTC against the dollar which has lost 63.77% since the first week of January 2022.
What do you think of bitcoin’s price performance in November 2022 compared to all past November performance in bitcoin’s history? Let us know what you think about this topic in the comments section below.
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