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Bitcoin Hits New All-Time High
Bitcoin achieved a new all-time high of approximately $125,000 per coin over the weekend. This rise contributes to Bitcoin’s market capitalization of around $2.45 trillion, surpassing Amazon and making it the seventh-largest asset globally.
Long-Term Performance and Seasonal Strength
Historically, Bitcoin has generated positive returns in 13 of the last 15 years, with notable triple-digit returns in nine of those years. September and October have been strongly positive months for Bitcoin, with average returns of 29.23% in October and 37.64% in November.
Market Sentiment and Supply Dynamics
Despite its recent highs, Bitcoin interest appears to be at a five-year low, with Google Trends showing a spike in searches during 2020 compared to now. Additionally, the number of Bitcoins on exchanges has reached a six-year low, indicating bullish sentiment as more Bitcoins are held in long-term storage.
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