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After two consecutive red months, Bitcoin (
$64,327.00 ) posted a 6% increase in October. The volatility that wiped out billions from the market devastated Bitcoin ( $64,327.00 ) ’s price in June and led to a shaky summer with little to no gains.
However, the third quarter began in the green with Bitcoin ( $64,327.00 ) breaking through the $20,000 resistance, showing the potential that the year could end on a more positive note than previously expected.
Historically, both November and December have been strong months for Bitcoin ( $64,327.00 ) . Since 2010, Bitcoin ( $64,327.00 ) spend only four Novembers and five Decembers in the red, with the biggest loss of 36.54% posted in November 2018. On average, Bitcoin ( $64,327.00 ) ’s price increases by around 39% in November, while December brings a more modest increase of around 11%.
Table showing the monthly returns for Bitcoin ( $64,327.00 ) from 2010 to 2022 (Source: Bitcoin ( $64,327.00 ) MonthlyReturn.com)
Bitcoin ( $64,327.00 ) ’s solid October performance stands in contrast with the performance of the U.S. dollar. The U.S. dollar index (DXY) dropped from a high of 113.32 to a low of 109.70 in October, ending the month in the red at 111.54.
Graph showing the U.S. Dollar Index (DXY) in October 2022 (Source: TradingView)
The price of gold also failed to hold its ground last month after posting a series of both lower highs and lower lows in the past few months. Since reaching its five-year high in March 2022, gold has been on a steady decline, posting a seventh consecutive monthly red candle for the first time ever.
Despite the promising rebound at the beginning of the month that pushed its price up to $1,730, a sharp correction brought its price back down to its September low of around $1,617. Gold closed the month at $1,630, continuing the downward trend that has been dominant throughout the year.
Graph showing the price of Gold in 2022 (Source: TradingView)
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