Bitcoin closed the month with an increase of 8.8%. Ethereum – 13%

  • In November, the price of Bitcoin increased by 8.8%, Ethereum by 13%, which is due to a number of factors.
  • One is likely to be the expectation of institutional capital inflows due to the possible approval of spot asset ETFs.

As of November 30, 2023, the monthly increase in the price of Bitcoin was 8.8%. Ethereum – 13%, according to CoinGlass.

Notably, this is the first time since 2021 that Bitcoin closed November in positive territory. Before this, the asset was in the red by 7% and 16%:

Bitcoin profitability by month from 2013 to 2023.  Source: CoinGlass
Bitcoin profitability by month from 2013 to 2023 Source CoinGlass

If you look at the statistics, you will notice that after each November in previous years, which Bitcoin closed in positive territory, a positive dynamics of the price trend was also observed in December.

In the case of Ethereum, this is the fourth time since 2016 that the asset remained in the green zone as of the end of November:

Ethereum profitability by month from 2016 to 2023.  Source: CoinGlass
Ethereum profitability by month from 2016 to 2023 Source CoinGlass

At the time of writing, Bitcoin is trading at $38,270, according to TradingView:

BTC/USDT exchange rate on the Binance exchange.  Source: TradingView
BTCUSDT exchange rate on the Binance exchange Source TradingView

During the preparation of this article, Ethereum approached the $2100 level, but has not yet crossed it:

ETH/USDT exchange rate on the Binance exchange.  Source: TradingView
ETHUSDT exchange rate on the Binance exchange Source TradingView

Over the past month there have been several significant jumps in asset prices. The price of Bitcoin, among other things, was influenced by high expectations of the possible approval of spot ETH based on the asset.

The price of Ethereum jumped by more than 2% in the last 24 hours, from November 30 to December 1, 2023. This comes amid news that Fidelity has filed an application for a spot ETF based on this asset.

Note that Bitcoin also closed October 2023 in positive territory with an indicator of 28.5%. On the Ethereum market, the increase was not so significant – 8.69%, according to CoinGlass.

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