• Bitcoin (BTC) established its highest monthly returns since October 2021 and its second-best January in history.
• BTC monthly returns for January currently stand at 38.07% as of press time — a rise only exceeded in January 2013 at a monthly returns rate of 44.05%.
• As BTC price sentiment shifts to bullish, speculation as to whether we are amid the longest BTC bear market is starting to fade.
The world of cryptocurrency has seen some incredible highs and lows over the past year, and one of the biggest stories has been the performance of Bitcoin. After reaching a peak of around $20,000 in December 2017, the price of Bitcoin had been steadily declining until recently. January of 2021 has marked a major turnaround for Bitcoin, establishing its highest monthly returns since October 2021 and its second-best January in history.
At the time of writing, BTC monthly returns for January currently stand at 38.07% as of press time — a rise only exceeded in January 2013 at a monthly returns rate of 44.05%. This significant jump in returns has been the result of a number of factors, including the recent launch of the highly anticipated cryptocurrency exchange platform FTX, as well as a general increase in demand for Bitcoin in the market.
The bullish sentiment surrounding Bitcoin has been further bolstered by the fact that it has closed four consecutive weekly green candles for the first time since August 2021. This is a sign of increasing strength for Bitcoin, and indicates that the prolonged bear market may be coming to an end. As a result, the speculation as to whether we are currently in the longest Bitcoin bear market in history is starting to fade.
The performance of Bitcoin in January 2021 has certainly been one of the most positive news stories in the world of cryptocurrency in the past few months, and it is likely that this momentum will continue in the coming months. As the market stabilizes and demand for Bitcoin increases, we can expect to see further positive returns for this cryptocurrency.