The price of bitcoin (BTC) has significantly increased in October 2021, after facing a “red September” month. According to data from CoinMarketCap, the cryptoasset had a cumulative monthly appreciation of almost 40%.
Over the past twelve months, this is the third best monthly performance for bitcoin, which jumped from around US$ 43,000 at the beginning of October to end the month being quoted above US$ 61,000.
With the appreciation accumulated in October, the bitcoin price ended with its best monthly close in history. Until then, the cryptoasset had never finished a month with a price above US$ 60,000.
Bitcoin rises 40%
Right after ending September with an accumulated devaluation of more than 7%, the bitcoin price reversed this downward trend and began a great wave of appreciation.
At the beginning of October 2021, each BTC unit was priced at around US$ 43,400 on the market. But, the price of bitcoin increased by 39.93% in just thirty days, according to data from CoinGlass. With this accumulated appreciation, the cryptoasset ended the month being quoted at around US$ 61,720.
Bitcoin Monthly Close (Play/Coinglass)
While September is historically considered the worst month for bitcoin, October is among the best months for the cryptoasset. In the past nine years, only in 2018 and 2014 did the digital currency end this month with a cumulative devaluation.
As October, the month of November is known as one of the best periods for BTC. In November 2013, for example, the price of bitcoin appreciated by almost 450% in just one month.
In addition to recording the best monthly close in history, the price of bitcoin renewed its maximum in October. Until then, the cryptoasset record was about US$ 65,000 and was recorded in April. But with the appreciation wave that began in early October, a new record was reached, with bitcoin approaching US$ 67,000 recently.