Bitcoin has made history with its largest monthly price increase ever, as it inches closer to a six-figure valuation for the first time.
In November, Bitcoin’s price surged by over 40.8%, reaching $99,000 and marking a record-breaking monthly candle, according to Bitstamp data.
This milestone comes just two weeks after Donald Trump’s victory in the 2024 U.S. presidential election on Nov. 5, which reignited investor interest in risk-on assets like Bitcoin.
Analysts are increasingly optimistic that Bitcoin will soon breach the $100,000 mark.
On Nov. 22, stablecoin inflows to crypto exchanges hit a record monthly high of $9.7 billion, signaling strong market confidence in Bitcoin’s price trajectory as 2025 approaches.
November’s Bullish Momentum
November, historically Bitcoin’s most bullish month, has delivered average returns of over 46%, according to CoinGlass data.
With eight days remaining in the month, Bitcoin could see further gains.
Investor sentiment also reflects growing optimism.
The Crypto Fear & Greed Index rose to 88, indicating “extreme greed,” up from 85 last week, per CoinMarketCap data.
However, past instances of high greed scores have preceded market corrections.
For example, when the index hit 80 in April 2024, Bitcoin dropped 18% over three weeks, from above $69,135 to a low near $56,500.
Bitcoin as a Hedge Against Inflation
The anticipated move to $100,000 is fueled by Bitcoin’s utility as a hedge against inflation, explained Marcin Kazmierczak, co-founder of RedStone.
“Buying Bitcoin as a hedge against inflation makes fundamental sense, since BTC as an asset has 0% inflation thanks to stiff supply,” Kazmierczak stated, emphasizing its value compared to gold.
Despite the bullish outlook, industry leaders like Crypto.com CEO Kris Marszalek caution that market deleveraging may be necessary before Bitcoin surpasses $100,000.
The path to six figures may not be without volatility, but optimism remains high as Bitcoin’s utility and market momentum continue to grow.
MicroStrategy has successfully completed a $3 billion offering of 0% convertible senior notes due in December 2029, with plans to use some or all of the proceeds to purchase more Bitcoin.
The company announced this milestone as its shares experienced a 25% retracement on Nov. 21, according to Google Finance data.
The convertible senior notes carry a 55% premium with an implied strike price of around $672, which is the predetermined price at which holders can buy or sell MicroStrategy’s Class A common stock.
These notes, sold at a discount, will mature to their face value if not converted before the due date.
They also hold seniority over common stock, giving priority to bondholders in case of bankruptcy or liquidation.
If MicroStrategy allocates the entire $3 billion toward Bitcoin purchases, it could acquire approximately 30,600 BTC.
This offering follows a Nov. 18 announcement of a $1.75 billion raise, later increased to $2.6 billion on Nov. 20.
These efforts are part of the company’s ambitious “21/21” plan to raise $42 billion—split evenly between equity and fixed-income securities—to accumulate more Bitcoin.
Currently, MicroStrategy holds 331,200 BTC, valued at over $32.7 billion, making it the largest Bitcoin holder among publicly traded companies, according to Saylor Tracker.
Market Reaction and Performance
MicroStrategy shares (MSTR) dropped over 25%, from $536.7 to $397.28, by market close on Nov. 21.
Despite the decline, MSTR remains one of the top-performing U.S. stocks in 2024, boasting a 480% year-to-date increase.
On Nov. 20, MSTR was the second-most traded stock in the U.S., as investors evaluated its Bitcoin exposure.
Michael Saylor’s firm also contributed to a record $70 billion trading volume on Nov. 21, involving Bitcoin ETFs and Bitcoin-related stocks like Coinbase (COIN).
Bitcoin is currently priced at $98,423, just 1.5% shy of the $100,000 milestone, according to CoinGecko data.
A draft regulatory framework for crypto assets will be finalized in the United Kingdom early next year, according to a statement from a Treasury official at City & Financial Global’s Tokenisation Summit in London on Nov. 21.
Initial plans to release regulations last summer were disrupted by a general election that brought an end to the Conservative government of former Prime Minister Rishi Sunak.
The Labour government, led by Prime Minister Keir Starmer since July 5, 2024, will now present the long-awaited regulations.
A comprehensive framework
Economic Secretary to the Treasury Tulip Siddiq announced that the regulations would address stablecoins, staking services, and cryptocurrencies.
“Doing everything in a single phase is simpler, and it just makes more sense,” Siddiq stated, according to Bloomberg.
Siddiq explained that stablecoins are not well-suited for existing payment services regulations, which necessitates tailored legislation.
While stablecoin laws have been under discussion since October 2023, they were never expected to materialize before 2025.
The crypto industry is also hopeful that staking services will avoid being classified as a “collective investment scheme,” which would impose stricter restrictions.
“For me, it doesn’t make sense for staking services to have this treatment. The government intends to proceed with removing this legal uncertainty accordingly,” Siddiq added.
The UK’s crypto dilemma
The former Conservative government had aimed to position the UK as a cryptocurrency hub.
However, the country has often been seen as having a challenging regulatory environment, with the Financial Conduct Authority (FCA) frequently criticized for its stance.
Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) regulations are set to take full effect by the end of the year, providing regulatory clarity that contrasts with the UK’s delays.
Although Labour proposed a bill in September to define NFTs, cryptocurrencies, and carbon credits as property, substantial crypto regulation remains pending.
Bitcoin advocate and MicroStrategy Chairman Michael Saylor has confirmed plans to make a three-minute presentation to Microsoft’s board of directors on the potential benefits of investing in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor stated during a Nov. 19 X Spaces session hosted by VanEck.
Previously, Saylor had proposed a private meeting with Microsoft CEO Satya Nadella to discuss Bitcoin, but the offer was declined. “So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
Microsoft announced in October that its December agenda includes a shareholder vote on whether the company should assess investing in Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), noted MicroStrategy’s Bitcoin investment strategy and highlighted that its stock has outperformed Microsoft by over 300% this year despite having a smaller business footprint.
Saylor advocated for similar discussions across other major corporations, saying, “It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value.”
He argued that integrating Bitcoin into Microsoft’s enterprise value would provide greater stability. “It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin,” he explained.
The shareholder vote is scheduled for Dec. 10, though Microsoft’s board has advised voting against the proposal, citing their ongoing evaluation of various investable assets, including Bitcoin.
Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, pointed out that conducting the assessment and deciding against Bitcoin could place Microsoft in a challenging position.
The board currently includes 12 members, such as Nadella and executives from Disney, Citigroup, and Wells Fargo.
Bitcoin maintained pressure near $94,000 as the U.S. trading session opened on Nov. 20, with buyers continuing to scoop up dips.
BTC price surges to record highs
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded from $91,500 lows, pushing toward a new all-time high of $94,374 on Bitstamp.
Trader Skew highlighted shifting liquidity conditions on exchange order books, noting spot and perpetual market bidding. “Someone got fomo?” he asked on X while sharing order book data.
CrypNuevo, another trader, predicted the mid-$90,000 range would act as a resistance zone before a pullback. “Not expecting to break $100k in the first attempt, so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he shared with followers.
Dormant coins show activity
Caution emerged from on-chain data by CryptoQuant, which pointed to long-term holders selling at these levels.
“Market tops often occur when long-held Bitcoin is reactivated,” the firm explained, referencing the Coin Days Destroyed metric. The metric, already nearing classic top levels, could signal an imminent peak if it spikes above 15–20 million.
Bitcoin ETF options add bullish momentum
Optimism grew after options trading launched for BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund.
The first day saw significant activity, with industry expert Joe Consorti noting bets on BTC/USD surpassing $100,000 by year’s end.
Filbfilb, co-founder of DecenTrader, remarked on the ETF’s long-term impact: “Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented Bitcoin’s status as a key hedge in diversified portfolios.”
QCP Capital echoed these sentiments, calling the launch a milestone for Bitcoin’s institutional adoption. “This market response is likely to attract new investor cohorts and enable diversified trading strategies, reducing volatility and downside risk,” it said in a Telegram update.
Bitcoin advocate and MicroStrategy Chairman Michael Saylor has confirmed plans to make a three-minute presentation to Microsoft’s board of directors on the potential benefits of investing in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor stated during a Nov. 19 X Spaces session hosted by VanEck.
Previously, Saylor had proposed a private meeting with Microsoft CEO Satya Nadella to discuss Bitcoin, but the offer was declined. “So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
Microsoft announced in October that its December agenda includes a shareholder vote on whether the company should assess investing in Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), noted MicroStrategy’s Bitcoin investment strategy and highlighted that its stock has outperformed Microsoft by over 300% this year despite having a smaller business footprint.
Saylor advocated for similar discussions across other major corporations, saying, “It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value.”
He argued that integrating Bitcoin into Microsoft’s enterprise value would provide greater stability. “It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin,” he explained.
The shareholder vote is scheduled for Dec. 10, though Microsoft’s board has advised voting against the proposal, citing their ongoing evaluation of various investable assets, including Bitcoin.
Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, pointed out that conducting the assessment and deciding against Bitcoin could place Microsoft in a challenging position.
The board currently includes 12 members, such as Nadella and executives from Disney, Citigroup, and Wells Fargo.
Bitcoin could experience a “strong bull rally” if the Puell Multiple, a key BTC price metric, follows a historical breakout pattern.
In a Nov. 18 blog post, CryptoQuant highlighted that Bitcoin’s Puell Multiple is nearing a rare golden cross with its 365-day moving average (SMA365), a signal that has historically triggered significant price surges.
Puell Multiple Breakout Could Spark 90% BTC Price Rally
CryptoQuant’s analysis reveals that in the past five years, the Puell Multiple has crossed its SMA365 only three times.
Each occurrence coincided with substantial BTC price gains, averaging a 90% increase.
“Puell Multiple helps us understand market cycles from a mining perspective,” explained CryptoQuant contributor Burakkesmeci.
“It is a crucial indicator for evaluating mining profitability.”
The Puell Multiple measures the daily value of Bitcoin mined relative to its 365-day average, providing insights into miner stability.
When the metric crosses its SMA365, it often precedes rapid BTC price increases.
Previous breakouts include an 83% rally in March 2019, a 113% gain in January 2020, and a 76% surge in January 2024.
“This data shows that after Puell Multiple settles above its SMA365, an average increase of around 90% in Bitcoin’s price has historically followed,” CryptoQuant stated.
The platform added that supportive macroeconomic conditions increase the likelihood of an “inevitable” rally.
“All these data points and the macroeconomic framework suggest that a strong bull rally might be on the horizon,” the post concluded.
RSI and FOMO Indicate Bull Market Just Beginning
As Bitcoin’s price rises over 40% in Q4, analysts predict the bull market’s most intense phase is still ahead.
The parabolic phase, typically lasting 300 days, could push BTC/USD to new highs, with expectations for a six-figure price growing.
However, some caution that retail “FOMO” (Fear of Missing Out) could lead to a sharp correction.
PlanB, creator of the Stock-to-Flow model, projects FOMO will peak in early 2025, supported by Bitcoin’s monthly RSI remaining above the 70 “overbought” threshold, now at 74.4.
Bitcoin could experience a “strong bull rally” if the Puell Multiple, a key BTC price metric, follows a historical breakout pattern.
In a Nov. 18 blog post, CryptoQuant highlighted that Bitcoin’s Puell Multiple is nearing a rare golden cross with its 365-day moving average (SMA365), a signal that has historically triggered significant price surges.
Puell Multiple Breakout Could Spark 90% BTC Price Rally
CryptoQuant’s analysis reveals that in the past five years, the Puell Multiple has crossed its SMA365 only three times.
Each occurrence coincided with substantial BTC price gains, averaging a 90% increase.
“Puell Multiple helps us understand market cycles from a mining perspective,” explained CryptoQuant contributor Burakkesmeci.
“It is a crucial indicator for evaluating mining profitability.”
The Puell Multiple measures the daily value of Bitcoin mined relative to its 365-day average, providing insights into miner stability.
When the metric crosses its SMA365, it often precedes rapid BTC price increases.
Previous breakouts include an 83% rally in March 2019, a 113% gain in January 2020, and a 76% surge in January 2024.
“This data shows that after Puell Multiple settles above its SMA365, an average increase of around 90% in Bitcoin’s price has historically followed,” CryptoQuant stated.
The platform added that supportive macroeconomic conditions increase the likelihood of an “inevitable” rally.
“All these data points and the macroeconomic framework suggest that a strong bull rally might be on the horizon,” the post concluded.
RSI and FOMO Indicate Bull Market Just Beginning
As Bitcoin’s price rises over 40% in Q4, analysts predict the bull market’s most intense phase is still ahead.
The parabolic phase, typically lasting 300 days, could push BTC/USD to new highs, with expectations for a six-figure price growing.
However, some caution that retail “FOMO” (Fear of Missing Out) could lead to a sharp correction.
PlanB, creator of the Stock-to-Flow model, projects FOMO will peak in early 2025, supported by Bitcoin’s monthly RSI remaining above the 70 “overbought” threshold, now at 74.4.
MicroStrategy, the largest corporate holder of Bitcoin, plans to raise $1.75 billion through senior convertible notes with a 0% interest rate to purchase more BTC.
The company stated on Nov. 18 that it “intends to use the net proceeds from this offering to acquire additional Bitcoin and for general corporate purposes.”
These 0% senior convertible notes will not pay regular interest to bondholders.
Instead, they are sold at a discount and mature to face value if not converted by the 2029 maturity date.
Being “senior,” these notes have priority over common stock in cases of bankruptcy or liquidation.
If MicroStrategy spends the entire $1.75 billion on Bitcoin, it could acquire an additional 19,065 BTC at current prices.
BitcoinTreasuries data reveals that MicroStrategy currently holds 331,200 BTC, worth over $30.3 billion.
This follows a recent $4.6 billion Bitcoin purchase on Nov. 18.
The company has acquired 142,050 Bitcoin this year alone, valued at approximately $12.8 billion at today’s prices.
Michael Saylor’s firm is now up 133% on its Bitcoin investment strategy, with an average purchase price of $39,292 per BTC.
MicroStrategy’s Bitcoin purchases (green) and Bitcoin’s price movements (blue) since September 2020. Source: Saylor Tracker
On Nov. 18, MicroStrategy’s shares surged nearly 13% to close at a record high of $374.80, though they dipped 0.7% in after-hours trading, according to Google Finance.
Last month, the company announced its ambitious “21/21” plan to raise $42 billion over three years—$21 billion in equity and $21 billion in fixed-income securities—to continue accumulating Bitcoin.
Currently, Bitcoin is priced at $91,653, just under 2% below its all-time high of $93,477, achieved on Nov. 13, according to CoinGecko.
Goldman Sachs is planning to spin off its cryptocurrency platform into a standalone company focused on creating and trading financial instruments on blockchain networks, Bloomberg reported on Nov. 18.
The investment bank is in discussions with potential partners to expand the platform’s capabilities and introduce new offerings, according to Mathew McDermott, Goldman’s global head of digital assets.
Tradeweb Markets, an electronic trading platform, is expected to be one of the new entity’s strategic partners.
McDermott noted that the spinout is projected to be completed within 12 to 18 months, subject to regulatory approvals, though plans are still in their early stages.
“It’s in the best interest of the market to have something that is industry-owned,” McDermott told Bloomberg.
In July, McDermott revealed Goldman Sachs’ intention to launch three new tokenization products in the U.S. and Europe, citing a “major uptick in interest from clients” in crypto.
The bank’s upcoming initiatives aim to create marketplaces for tokenized real-world assets (RWAs), focusing on U.S. fund complexes and European debt markets.
McDermott explained that the target audience for these products would be financial institutions rather than retail investors, with the offerings operating exclusively on permissioned blockchains.
The RWA marketplace is expected to differentiate itself by offering faster execution and expanding the range of collateralizable assets.
McDermott attributed the “renewed momentum in crypto” to the rise of exchange-traded funds (ETFs) for digital assets.
Since January, nearly a dozen Bitcoin ETFs have been launched following U.S. regulatory approval, while spot Ether ETFs were greenlit in July.
Goldman Sachs has emerged as one of the largest buyers of Bitcoin ETFs in 2024.
Demand for tokenized RWAs, particularly low-risk yields from Treasury bills and money market instruments, continues to grow, with tokenized U.S. Treasury debt now valued at approximately $2.4 billion as of Nov. 14, according to RWA.xyz.