Bitcoin’s wild, election year ride in 3 charts

Automated Reader1 week agoLast Updated: November 13, 2024

2 minutes read

In This Story

Bitcoin has been on a tear since Donald Trump’s election win, and it could be poised for even more gains.

Bitcoin’s volatility in 2024

Line graph showing Bitcoin prices from Nov. 12, 2023 to Nov. 12, 2024, ranging from $30K to $90K. The graph highlights several key events: January 2024 when SEC approved Bitcoin Spot ETFs; March 14, 2024 when Bitcoin reached a new high; April 19, 2024 when the fourth halving event happened; Sept. 18, 2024 when the Fed made its first rate cut since 2020; Nov. 11, 2024 when Bitcoin became world's 8th largest asset at $88.03K. The graph shows overall upward trend with significant volatility throughout the year. On Nov. 13, 2024, Bitcoin crossed the $90k mark. — Image: Deena Zaidi

A large volume of outflow occurred this year after the Securities and Exchange Commission approved the first 11 Bitcoin spot ETFs on Jan. 10, 2024. The market rebalanced itself as other assets (such as Ethereum, Tether, and Dogecoin) gained popularity among investors.

Bitcoin’s price quickly ticked up after fund approvals in late February and early March. During the first week of March, Bitcoin’s price continued to set records, crossing $73,000 at one point.

On April 19, 2024, Bitcoin had its fourth and latest halving event, which reduced the reward for a mined block. Bitcoins are created by mining software and hardware at a specified rate, which splits in half every four years, slowing the number of coins created.

On Sept. 18, 2024, after the Federal Reserve announced its first rate cut since the start of the COVID-19 pandemic, Bitcoin showed a sharp surge on the following day, rising to $63,000 from the $60,000 it was two days prior.

The leading cryptocurrency saw another all-time high (of $76,943) after Trump was reelected before it closed at $75,904 (a 9% increase from $69,360) on Nov. 5, 2024.

Bitcoin compared to Ether and other cryptocurrencies

According to recent data from Coin Market Cap, in 2024, the global value of cryptocurrency rose to $2.87 trillion from roughly $1 billion in 2013.

Bitcoin’s value surpasses the combined market caps of Ethereum, Tether, Solana, and BNB — bitcoin’s 60% dominance in the crypto market demonstrates higher investor confidence compared with its peers.

Bitcoin compared to gold, Nvidia, and other assets

On Tuesday, Bitcoin’s market cap briefly reached $1.78 trillion, making it the eighth-largest asset by market cap (surpassing silver), according to data retrieved from Companies Market Cap, a website providing data on cryptocurrencies.

Bitcoin trails gold, Nvidia (NVDA-0.88%), Apple (AAPL+0.03%), Microsoft (MSFT-0.48%), Google (GOOGL-1.29%), Amazon (AMZN+1.51%), and Saudi Aramco in global asset rankings. But despite already impressive year-to-date growth, Bitcoin would need to be 10 times its current level to match gold’s market cap.

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Automated Reader1 week agoLast Updated: November 13, 2024

2 minutes read