Bitcoin’s January Performance: A Promising Start to 2024
January has emerged as a significant month for bitcoin (BTC), currently standing as the second-best performing month over the past ten months. The only month that outperformed it is November 2024, which witnessed a remarkable 37% price increase following President Trump’s victory in the U.S. elections. Notably, January shares the second-place spot with May 2024, with both months recording an impressive 11% gain, as reported by Coinglass.
Historically, January has averaged around a 4% gain for bitcoin, making it one of the strongest months for the cryptocurrency in previous years. In fact, five of the last six Januarys have seen positive returns, indicating a robust trend. This year, January has been particularly eventful, marked by President Donald Trump’s inauguration and the introduction of several pro-crypto policies that have positively influenced market dynamics.
Looking forward, February has a reputation for being the third-best performing month for bitcoin, boasting an average increase of 16%. The data from Coinglass highlights that February has only experienced two down months in the last decade: in 2014 and 2020. Moreover, if we extend our gaze to March, we find that it also tends to be bullish for bitcoin, with an average increase exceeding 13%.
Overall, the first quarter of the year (Q1) has historically been a lucrative period for bitcoin, with an average gain of 53%, making it the second-best quarter when compared to Q4, which boasts a substantial 85% gain. As we delve deeper into the year, the prospects for bitcoin appear increasingly optimistic.
