Crypto Week Ahead: Bitcoin Records Biggest Monthly Gains. Will Upward Trend Continue?

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $98,790.85.

BTC dominance, at the time of writing, stood at 55.42 percent.

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Bitcoin (BTC), has been managing surprisingly well to hold on to its bull run, gaining over $26,000 in November - its biggest monthly gain of late. Now, as a result, several altcoins such as Solana and Ripple are also reaping benefits as investors are warming up to more tokens in the market. While the $100k mark is yet to become a reality, it can be expected that the so-called ‘Trump Bump’ could continue until Donald Trump takes oath as the US President in January 2025. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls. 

Crypto Prices Over The Past Week

Last Monday (November 25), the overall crypto market cap stood at $3.35 trillion. BTC price stood at around $98,000. ETH price stood at around $3,400.

A week later, the overall market cap rose to a whopping $3.45 trillion.

DeFi's total volume stands at $12.47 billion, at 6.59 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $167.83 billion, at 88.71 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Extreme Greed’ with 81 points (out of 100).

BTC dominance, at the time of writing, stood at 55.42 percent.

Over the past seven days, Bitcoin achieved a high of $98,790.85 (on November 25) and a low of $91,171.35 (November 27).

Ethereum, on the other hand, saw a high of $3,756.39 (December 2) and a low of $3,270.25 (November 27).

Crypto Events To Note

Ripple’s XRP token has experienced a dramatic price surge, climbing to levels not witnessed since 2021. However, market analysts are expressing concern that this rally could be fueled by leverage rather than organic demand.

CryptoQuant analyst Maarten Regterschot highlighted the issue in a Dec. 1 post on X, observing a significant increase in open interest for XRP derivatives within just 24 hours. Open interest reflects the number of active derivative contracts in the market, and such sudden spikes can often precede rapid sell-offs, he warned.

While the surge has sparked enthusiasm among XRP holders, experts advise caution, as leverage-driven rallies can lead to heightened volatility and abrupt price corrections.

Meanwhile, Bitcoin has etched its name in the history books yet again, setting a remarkable milestone with its largest-ever monthly price surge.

According to data from Cointelegraph Markets Pro and TradingView, the leading cryptocurrency achieved an unprecedented monthly increase of $26,400. This rally propelled Bitcoin to close November at an all-time high of approximately $96,400.

The month also saw Bitcoin rise by more than 37 per cent, making November its second-strongest month of 2024. This performance underscores the cryptocurrency's enduring appeal amid market dynamics.

As Bitcoin continues to rewrite records, it cements its position as a formidable player in the financial landscape.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "The crypto market had a bullish weekend, with Bitcoin gaining steady momentum, trading at $98,000 levels. Bitcoin closes November with the biggest monthly gain of around $26,000. On the other hand, legacy coin Ripple (XRP) surpassed Solana to become the 4th largest cryptocurrency by market cap. With the Altcoin Season Index standing at 78, more such rallies are expected in other altcoins over the coming days, building strong momentum in the broader market.”

Thangapandi Durai, CEO and Founder, Koinpark, said, “Bitcoin’s performance this November has been pretty impressive, catching the eye of both seasoned investors and newcomers alike. Starting the month at $70,126 and hitting a fresh all-time high of $99,006 on November 23, it’s clear that Bitcoin is showing no signs of slowing down. The price has now settled between $92,000 and $97,000, which looks like the market is “taking a pause” and finding its balance after that huge jump. This growth shows Bitcoin is becoming more than just an investment trend, it’s now a mainstream asset that’s here to stay. With institutional players getting more involved and Bitcoin cementing its place as a store of value, it’s clear the market is maturing even further.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.