After setting records last October, both in terms of monthly profitability and the highest monthly closing price in history, BTC ended the month of November with a drop of 7%.
So, despite all the hype, adoption and positive news about the cryptoactive, the month of November, which analysts pointed out to be a big month for the BTC, turned out to be one of fall.
However, analyzing the entire year, the price of BTC doubled in 2021.
At the beginning of November, the BTC had been recording a historic maximum in the monthly closing price, a milestone that took place in October.
But after hitting $61,309, the November closing price was $57,018. This represented a reduction of 6.98%.
A table compiled by coinglass.com shows the monthly returns of BTC since 2013.
The table contrasts the great impulse of the first three months of the year, with the successive drops from April to June. The third quarter represents a resumption of price growth after the correction from April to June, which reached 55%.
In addition to the fact that the price has doubled so far this year, in the fourth quarter, the price of BTC increased 35%.
Among the reasons for the November price drop, analysts cite investor fears over the new Covid-19 variant and the strong resistance it has formed between $57,000 and $58,000.
In addition, the fall of BTC last week also occurred in traditional stocks and indices. In other words, it reflects a growing trend of correlation between cryptocurrency and traditional stocks and indices, according to analysts.
Finally, recent statements by Federal Reserve chairman Jerome Powell about inflation helped bring BTC down.