Even with several regulatory and reactionary events occurring in the industry that could influence it, the crypto monthly returns for November are high.
The crypto market displayed a resilient reply to various headwinds in the current month, as it did not lose value. Crypto monthly returns for the month are net positive, with BTC posting more than 10%.
A few events in November could have led to strong selling pressures similar to exactly a year ago in November 2022. But the market brushed past any signs of pressure as Bitcoin smoothly traded over $37,000.
As a result, the crypto market cap has traded relatively much higher in 2023 than in 2022. A group of experts and heads of crypto exchanges in Australia predicted an incoming bull run in crypto in 2024. They cited a growing number of crypto investors and increased trading volumes as signs of a rally.
The experts also hinted that institutional investors had begun considering crypto a viable asset class. Apart from the investment firms filing for the crypto ETFs, many had also raised their stakes in the crypto market. Meanwhile, policymakers voiced their support for crypto regulation with an indication of the recent settlement between a crypto exchange and a US regulator.
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,480 on November 24, 2023, with BTC/USD trading higher by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap is trading at around $734 billion, with renewed strength in the last few days.
BTC/USD is trading higher than its 20-day EMA (36,123.55), as BTC’s 24-hour volume was at around $13 billion. The crypto market cap increased by around 0.12%, trading above $1.4 trillion. BTC’s year-to-date returns are above 126.26%
Join Millionero today and get started with crypto trading, building a path towards financial freedom!