The first cryptocurrency this month saw more gains only during the 2017 rally.
Bitcoin rose 40% in October, ending the month at about $ 60,800. In the first month of the fourth quarter, BTC added over $ 17,000. The most productive month was only October 2017, when the first cryptocurrency jumped 54.5%.
Bitcoin growth in October was nearly double the monthly average since 2014 (+ 21.2%).
The beginning of November has historically been a less positive month for Bitcoin. The average BTC growth in November since 2014 was only 12%, which is almost half the corresponding figure for October.
If the first cryptocurrency adds 12% in November, it will update its all-time highs and will be around $ 68,000 at the end of the month.
Despite price fluctuations, experts are confident that Bitcoin will be able to gain a foothold at $ 70,000 in the next few weeks. There are all the prerequisites for this: political, technical and market, writes beincrypto.
The main reason for the rise in the price of bitcoins was the approval by the US Securities and Exchange Commission of the application for the launch of an ETF based on the first cryptocurrency and the need of investors for insurance against rising inflation. The fuel will be the inflow of funds from retail investors.
An additional boost is the upcoming activation of the Taproot update on the BTC network in November.
The Taproot update, which starts on November 16, will bring a whole host of new features. These include strengthening basic cryptography, improving efficiency, and reducing transfer fees.
Meanwhile, October 31 marks the 13th anniversary of the publication of the Bitcoin white paper by the anonymous creator Satoshi Hakamoto or a team of scientists. The nine-page white paper describes how the peer-to-peer payment system that revolutionized the financial technology world works.
The Bitcoin network was launched in January 2009. And in April 2011, Satoshi Nakamoto disappeared, and the public was never able to find out who wrote the document that underlies the multi-billion dollar industry.