November 2024 was a dynamic month for Bitcoin, marked by substantial activity across various market indicators. While the price demonstrated significant volatility, reaching new highs, other aspects like the Crypto Fear and Greed Index and Bitcoin's hashrate also reflected intense market activity. The Fear and Greed Index notably moved into the 'Extreme Greed' category, peaking at 93. The Bitcoin hashrate showed considerable fluctuations, indicating robust mining efforts and network security and efficiency adjustments.
These elements combined reveal a market active in price movements and vibrant with investor optimism.
“In the past month, we’ve witnessed some of the year’s most significant developments in Bitcoin: its all-time high and nearly surpassing it, Donald Trump returning to the spotlight as President, and more institutions adding Bitcoin to their portfolios. The expectations seem to outpace reality, but I’m eager to see what the year's final month will bring.”
- Jim NiemeijerCTO
Following a successful investment round to expand our service capabilities and reach, business and operational teams have refined the client offering for additional European sites. This strategic move will significantly increase turnover and enhance our customer base by onboarding more clients. The following steps include preparing an environmental report for site specification after site allocation and ensuring our expansion meets compliance and sustainability standards.
In November 2024, Bitcoin's price experienced significant volatility with notable increases. The month opened at $70,240 and saw a dip to $67,065 by November 4th. However, the price quickly rebounded, climbing to $74,748 by the 6th and continuing a sharp ascent to reach $82,178 on the 11th. The upward trend persisted, with the price peaking at $93,037 on the 13th before experiencing a slight pullback to $87,893 on the 15th.
The latter half of November witnessed a resurgence, with Bitcoin achieving a new all-time high of $99,645 on the 22nd. After reaching this peak, the price corrected to $90,687 by the 26th but regained momentum to close the month at $96,466.
Bitcoin’s price experienced significant fluctuations in November 2024, primarily influenced by Donald Trump's reelection. His administration is known for its supportive stance towards the digital asset sector and is set to relax regulations and enhance further adoption and investment in Bitcoin.
The political environment has significantly strengthened confidence among institutional investors, as demonstrated by substantial capital inflows into Bitcoin-focused ETFs such as BlackRock’s IBIT fund. This institutional solid trust is further supported by aggressive expansion strategies from entities like MicroStrategy, which now holds close to 400,000 BTC. Both BlackRock and MicroStrategy exemplify the impact of institutional adoption and strategic accumulation on Bitcoin’s market position, highlighting a committed investment approach to leverage anticipated price increases.
Additionally, the Thanksgiving period traditionally impacts Bitcoin’s price, maintaining a pattern where changes in trading volume during the holiday lead to volatility, followed by a recovery. This combination of factors contributed to the dynamic yet upward trajectory of Bitcoin’s price throughout the month.
The Crypto Fear and Greed Index for November 2024 indicates a market dominated by 'Extreme Greed.' As of the latest update on November 30, the index reached 84, an increase from 78 the previous day and significantly higher than the 77 recorded last month. This sustained high level of greed suggests that investors are highly optimistic and speculative about future price increases in the digital asset market. The peak for the month occurred last week with a score of 93, reflecting intense buying interest and investment activity.
In November 2024, the Bitcoin hashrate demonstrated significant fluctuations, reflecting dynamic mining activities. The hashrate started the month at 746.575 EH/s, dropped to 599.6076 EH/s by the 4th, then quickly recovered, surging to 875.3374 EH/s on the 7th. However, this peak was short-lived, as the hashrate fell again to 664.0483 EH/s by the 9th.
Throughout the mid-month, the hashrate maintained relative stability but dipped to 638.0425 EH/s by the 15th. A sharp increase followed, reaching 892.5428 EH/s on the 19th, indicating a robust enhancement in mining power. The hashrate continued to be volatile, peaking again at 925.4135 EH/s on the 25th, showcasing the highest value of the month. However, towards the month's end, the hashrate declined significantly, settling at 632.3506 EH/s on the 29th.
In November 2024, Bitcoin miners' revenue fluctuated substantially, indicating varied monthly mining profitability. The revenue began at approximately $35 million on November 3rd, showing a general upward trend in the first half of the month, reaching nearly $45 million by November 13th. The revenue peaked on November 18th at around $55 million, marking the highest earning point for the month. Following this peak, there was a notable drop, with revenue decreasing to around $40 million by November 23rd.
However, towards the end of the month, there was a resurgence, with revenue climbing back up to $50 million by November 28th. This pattern of highs and lows in revenue correlates closely with the changes in the Bitcoin hashrate and market price fluctuations observed during the same period.
In August, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $2,051
Bitmain Antminer S19 XP Hyd (255TH/s)= $5,824
MicroBT Whatsminer M50S (126Th/s) = $1,797
At Pantheon, we are proud that due to our scale and trusted partnerships, we can offer miners such as the Bitmain Antminer S21 Hydro (335T - 5360W) for $11,864 * including capex, + 1st and last two months electricity, in our fully managed data centres. This capex contribution enables us to offer electricity at a competitive rate of 4¢.
*Minimum order quantities apply.
The contents of this analysis are for informational purposes only and do not constitute investment advice. The study is based on the author's opinions and assumptions and may not reflect the actual state of the market or the future outcomes of any investment. The author is not a financial advisor and assumes no responsibility for the information's accuracy, completeness, or suitability.
Bitcoin investments are subject to high risks and volatility. The prices can fluctuate significantly due to factors such as supply and demand, regulatory actions, technological innovations, security breaches, hacking attacks, market sentiment, and global events.
Investors should be aware of these risks and conduct their diligence before making investment decisions.
