Bitcoin records its worst November in 6 years... average monthly decline 16.7%

JOON HYOUNG LEE

Summary

Bitcoin (BTC) recorded its worst November in six years with a monthly average decline of -16.75%.
Normally November is a month when Bitcoin is bullish, but this year was an exception.
The head of research at Arctic Digital analyzed that the Bitcoin four-year cycle and spot Bitcoin exchange-traded fund (ETF) influence have caused changes in the cycle.

Bitcoin (BTC) has hit its 'worst November' in six years since 2019.

On the 28th (local time), according to CoinGlass, the average change in bitcoin prices for this month was -16.75% as of that day. Looking only at average monthly change rates, it is the lowest since 2019 (-17.27%). The record low for average monthly change rates was in 2018 (-36.57%).

Typically, November has been a month when Bitcoin shows strength. According to CoinGlass, from 2013 through last year, the average price increase of Bitcoin over about 10 years is approximately 46%.

Justin Danetan, head of research at crypto advisory firm Arctic Digital, analyzed, "In the past, a somewhat predictable (Bitcoin) four-year cycle led to rallies through the end of the year, and October through December mostly closed higher," adding, "Earlier this year, spot Bitcoin exchange-traded funds (ETFs) were launched in the U.S., causing this cycle to start earlier."

Meanwhile, as of 4:06 PM on that day, Bitcoin was trading on CoinMarketCap at $91,393.15, up 0.22% from the previous day. Compared with a week ago, it is up 6.77%.

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