30s Summary

Bitcoin has achieved a record-breaking high of almost $82,000, with traders anticipating even higher gains in the near future. Despite this, there is caution among risk-assets traders due to incoming US economic data and the potential complexity added by the Federal Reserve’s financial plans. Comparatively, Bitcoin’s performance in November 2024 was just 16%, and mainstream consumer interest still appears lukewarm. On the other hand, institutional interest is growing evidenced by increasing inflows to Bitcoin ETFs.

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Bitcoin has kicked off the week with a record-breaking high as the price almost hit $82,000. Despite some traders being anxious about a possible drop in price, there’s a pretty optimistic vibe about Bitcoin’s value continuing to rise. This positivity is carried despite the flood of data still coming in after the excitement of the US Presidential Election and the ongoing talk about inflation.

After a lot of waiting, Bitcoin is finally catching up with gold. While Bitcoin’s price gains are impressive, there’s still a long way to go before it can match the average gains historically seen by November 2024. Though mainstream interest is growing, the record high prices haven’t exactly sparked a shopping spree among retail buyers just yet.

So, Bitcoin is experiencing a price surge, which is evident from the all-time highs of $81,888 on Bitstamp. This massive gain has been the highest in Bitcoin’s history, achieved after a weekend of significant growth. While some worry about a big pullback in price, the overall mood among traders remains bullish.

In anticipation of the traditional trading week in Europe and the US, active sellers are still hovering at around $81.5K. Moving on to long-term perspectives, market watchers are signaling even higher gains. With Bitcoin’s considerable consolidation phase after its old high in March, significant increases are expected.

With vast amounts of US economic data to be released in the coming days, traders dealing in risk-assets will undoubtedly be kept on their toes. The Federal Reserve’s plans for financial policy will likely offer some added complexity to the situation. October’s CPI and PPI figures, both critical measures of inflation, are key events to watch.

Bitcoin is no longer lagging behind gold, and experienced crypto participants are observing a game of catch-up. Gold began to rise in advance of Bitcoin, while Bitcoin was still below its previous high from March. Last week, inflows to BlackRock’s Bitcoin ETF exceeded its gold ETF, a notable milestone for institutional Bitcoin investment.

Despite hitting new all-time highs throughout the month, Bitcoin’s performance in November 2024 is nothing spectacular at around 16%. To stand out, Bitcoin has a long way to go. Nevertheless, bullish traders are predicting more upside before the month ends.

Mainstream consumer interest in Bitcoin remains lukewarm. Besides institutions, appetite seems rather lacking. Google Trends data shows that consumers are only just beginning to notice Bitcoin’s performance, similar to the trend seen in 2020. Despite reaching record highs, Bitcoin’s popularity is far from its December 2020 peak. However, it has yet to reach what is typically considered “peak” territory in mainstream engagement.