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Since bitcoin’s price was first measured in fiat value in 2010, only four of the 11 Novembers in bitcoin’s history have seen monthly declines. Eight of Novembers in bitcoin’s price history saw bitcoin climb higher from the first of the month to the last day of November. After the collapse of FTX, an event that took place right after the first week of the month, it seems that the price of bitcoin in November 2022 has a high probability of ending with negative percentages against the US dollar.
Things were looking up for bitcoin’s price a week before the FTX debacle, when the leading crypto-asset was trading above the $20K zone. On the first of November, bitcoin (BTC) changed hands for $20,485 per coin.
Since November 9, 2022, BTC’s price is close to $4K below this range of $16,664 per unit. Now that November is less than two weeks away, for BTC’s price to recover from what it lost, it must cross the $20,500 range or higher by November 30, 2022.
That means that for bitcoin’s November price to join the previous eight November bulls, between now and the end of November, BTC would have to 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 $0.23.
November 2010 was a 21.05% increase, although BTC’s price only moved four cents higher than at the beginning 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%, trading at $2.75. The following year in 2012, the price per bitcoin increased by 11.16% against the US dollar in November.
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 a whopping 447% against the dollar that month. At that time, the price rose from $206.18 per BTC to $1,129 per bitcoin.
November 2014 was also a positive month for BTC, but not nearly as high as the previous year. Bitcoin jumped 16% higher from $325.89 per unit to $378.05 per token. Bitcoin’s USD value in November 2015 was almost identical to 2014, and so was its price increase.
BTC jumped 14% higher from $325.43 per token on November 1, 2015, to $371.29 per unit by the end of the month. Both 2016 and 2017 November BTC prices were also positive. During the first week of November 2016, BTC changed hands for $711.52, and by the end of the month it was 2.88% higher at $732.03.
November 2017 saw a bigger jump (25.96%) from $7,407.41 per BTC, to the month-end price of $9,330.55 per BTC. Both 2018 and 2019 November BTC prices saw declines that yielded negative percentages.
In November 2018, bitcoin fell from $6,376.13 per unit to $4,009.97, losing 37% that month. In November 2019, BTC’s USD value fell from $9,235.35 per unit to $7,047.92 per bitcoin, falling 23.68% lower.
November 2020 BTC prices moved upwards from $13,737.11 on November 1st to $18,177.48 by the end of the month. Bitcoin’s price in November 2020 rose 32.32% higher. Bitcoin’s November 2021 USD value saw the price lose BTC’s lifetime high against the dollar of $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% during the month. From today’s looks, the likelihood of November 2022 joining the last four red months in BTC’s recorded value lifetime appears to be much higher.
18.7% is quite a steep climb from here, but in the crypto world it’s not out of the ordinary either. Overall, 2022 has been a down year, generally speaking, considering BTC’s value against the dollar lost 63.77% since the first week of January 2022.
What do you think about bitcoin’s November 2022 price performance compared to all the last November results in bitcoin’s history? Let us know what you think about this topic in the comments section below.
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