Bitcoin enthusiasts have reason to cheer as the popular cryptocurrency sets its sights on what could be its fifth straight month of profitability in January 2024, fueled by its impressive price history. According to data from CryptoRank, Bitcoin has maintained an average return of 10.5% since 2011, with a median return of 9.93%.
Analyzing the past 13 years, Bitcoin has encountered negative price movements only five times in the first month, while the remaining instances closed in the green. Notably, the last negative January was in 2022, witnessing a 16.9% month-on-month decline. In contrast, January 2023 emerged as one of Bitcoin's most successful months, experiencing nearly 40% growth — second only to the early days of 2013.
If Bitcoin concludes January 2024 on a positive note, it will mark the fifth consecutive month of profitability, extending a streak that began in September of the preceding year. Among these, October stood out with a remarkable 28.5% increase, contributing to Bitcoin's best quarter in terms of profitability in the past three years, finishing at an impressive 57.7%.
Despite Bitcoin's extensive 14-year history and almost a decade as an exchange-traded asset, the cryptocurrency market remains unpredictable. The Bitcoin price history, while a strong indicator, is a reminder that certainty is elusive in the volatile world of cryptocurrencies.
The question on everyone's mind — will BTC secure another profitable month in January 2024? Only time will tell, and we will revisit this query in a month's time as all the crypto enthusiasts eagerly await the outcome.