Key Takeaways:
- Bitcoin price pauses in November as it slides 7.5% to close below $60,000
- Growth projections, however, remain intact with adoption rising steadily
Bitcoin Stalls in November but Adoption Grows
Bitcoin, the world’s biggest cryptocurrency, paused its stratospheric rally for the month of November. That said, the orange coin slipped 7.5% over the previous month as it closed with a price of roughly $57,000 per token.
On that note, the performance in November failed to build over the October rally which increased bitcoin’s price by 50%. Still, the first crypto by market valuation is up about 100% this year. In other words, the price of bitcoin has doubled in the period January through November.
Several important milestones were achieved over the past month that carries significance for digital assets. First, the month served as a great entry point for those traders wanting to buy the dip. After bitcoin’s all-time high of $69,000 set Nov. 10, the price dropped about 20% to reach a low of $53,000 apiece. On this note, bitcoin whales (accounts holding more than 100 BTC) increased their crypto stacks substantially.
From El Salvador to New York, Bitcoin Makes Waves
Also, the month marked continued progress from El Salvador in the direction toward broader bitcoin adoption. The small Latin American country announced it is setting out to build a Bitcoin City. The crypto-centered area will be shaped like a circle, to resemble a coin, and will collect no taxes.
Further, mainstream acceptance kept moving on its upward trajectory. Key high-ranking individuals in the corporate world and politics revealed they are bitcoin-friendly. Apple CEO Tim Cook, for example, disclosed he holds bitcoin and believes in the future of crypto.
Moreover, New York City mayor-elect Eric Adams vowed to take his first three paychecks 100% in bitcoin. “In New York, we always go big,” he bragged on Twitter earlier in November as he made the promise. Bitcoin adoption wasn’t missing on an institutional level, too. Spain’s biggest bank, Banco Santander, said it is planning to offer Bitcoin products and is waiting for regulatory approval.
Growth Projections Remain Strong
In that context, analysts remain positive global cryptocurrency adoption will continue expanding. From retail traders to institutional investors, the market will greet every new participant with an innovative asset class ready to grow.
In numbers, the cryptocurrency market is estimated to host around 400 million people or about 5% of the world’s population. To this end, be sure to check our bitcoin buying guide to see how easy it is to become a crypto holder.