Bitcoin price has risen 129% year to date

Data shows that the current supply of Bitcoin on CEX exchanges is continuously shrinking, with only 2.5 million BTC currently available for purchase. The continuous reduction in supply is driven by the surge in Bitcoin prices, the US presidential election, and the Bitcoin halving, among other positive factors. According to ICO Analytics, Bitcoin prices have cumulatively increased by 129% since the beginning of the year, with a 37% surge in November alone, consistent with previous Bitcoin halving cycles. In past halving cycles, November has been a particularly strong performing month, with gains of 459% in 2013, 54% in 2017, and 42% in 2020. As Bitcoin prices approach the $100,000 mark, analysts believe this could be a critical turning point in the cryptocurrency's price trajectory. In fact, breaking through the $100,000 level has proven to be a significant challenge, with Bitcoin bulls failing multiple attempts to reach this target over the past month. Notably, on November 22nd, Bitcoin prices briefly touched $99,000 before retreating to the $96,000 to $98,000 range. The rapid fluctuations in Bitcoin prices reflect the cautious optimism in the crypto market and the substantial resistance to breaching the six-digit threshold. However, the Bitcoin futures market has already surpassed the $100,000 mark. On November 29th, CME's Bitcoin futures touched $100,200 twice within a week, a trend that suggests the spot Bitcoin market may soon follow suit and solidify its market position. Despite the continuous rise in Bitcoin prices, its market dominance has begun to decline. On November 30th, Bitcoin's market cap share dropped to 56.1%, indicating that investors are taking profits and reallocating funds to the Altcoin market. This sector rotation signals the start of the Altcoin season, with various promising Altcoins potentially experiencing new changes alongside Bitcoin's sustained growth. Disclaimer: The information provided in this section is for reference only and does not constitute any investment advice or official views of FameEX.