November Ends as Bitcoin’s Biggest Month With $26K Gains

The Breakdown First Five - Monday, December 2, 2024

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5. Altcoin Revival

Ripple put on a massive show over the weekend, gaining 25% within a day. NFTs are back, with Cryptopunks gaining 60% over the past two weeks. The ETH ETFs outpaced the BTC for the first time, capturing $330M worth of inflows. Bitcoin dominance is down 5 percentage points since mid-November. All while Bitcoin price is basically flat. This feels like a massive validation of Bitcoin’s price level, repricing other crypto assets higher in a gigantic catch up trade. 

4. Sunlight for Chokepoint

After it was discussed Joe Rogan, crypto founders are coming out of the woodwork to describe their experience of Operation Chokepoint 2.0. By far the most resonant was a David Marcus explaining how Meta’s Libra stablecoin was shut down by regulators completely outside of the legal system. He described it as “100% a political kill—one that was executed through intimidation of captive banking institutions.” 

3. Giancarlo Leading Crypto Czar Contender 

Former CFTC Chair and “Crypto Dad” Chris Giancarlo is believed to be the frontrunner for the first White House Crypto Czar. The position will involve coordinating policy across congress, regulators and the White House. During his time as CFTC head, Giancarlo approved Bitcoin Futures. He seems to view one of the first orders of business to be establishing a primary regulator for spot markets, which he thinks should be the CFTC. 

2. December Reset

Monthly options have expired, open interest has been reset by volatility at the highs, Bitcoin is looking primed for another push higher. Technical analysts like the look of higher lows as the range squeezed over the holiday weekend. Perps open interest has reduced to November lows with a few notable washouts. CME futures have reached over $100k three times in the past week as the futures premium remains strong. Is this week the week for $100k Bitcoin?

1. Biggest Month Ever

Even though we didn’t see $100k, November was still the biggest month in Bitcoin history. Bitcoin closed the largest monthly candle in nominal terms, gaining $26,000. In percentage terms it came in at 37%, the fourth biggest month since October 2021 also falling short of February surrounding the ETF launch. Even without crossing the $100k threshold, there’s a lot to like about Bitcoin’s position heading into December.