Crypto Shares Rally on Friday With CleanSpark, Bitfarms up over 12%; DeFi Tech, GameSquare up Around 9%. What History Says Happens Next

Tiger Newspress
Nov 29

Crypto shares surged on Friday. CEA Industries up over 20%; CleanSpark, Bitfarms up over 12%; Circle up 10%; Canaan, DeFi Tech, GameSquare up around 9%.

Bitcoin climbed back above $90,000 late Wednesday and hit as high as $91,879 over Thanksgiving, according to CoinDesk data. However, the rebound was fizzling out slightly as Bitcoin fell to $91,500 early Friday, up around 0.6% over the past 24 hours and Ethereum were both around 1% higher over the past 24 hours, while Solana was flat.

Bitcoin is down 16.5% in November, on pace for its worth month since February when it declined 17.2%. It remains 28% off its record high of $126,272.76 reached in early October.

On the bright side, December has historically been a strong month for the cryptocurrency—with an average gain of 9.2% according to Dow Jones Market Data going back to 2014. It’s the fifth best month in terms of average performance.

However, a monthly drop like the one suffered in November tends to take a bit longer to recover from. Bitcoin has fallen 15% or more in 20 months dating back to 2014—and has only risen an average of 0.8% in the month after, according to Dow Jones Market Data.

Though, after three months Bitcoin is up an average 4.4% and after six months it’s just short of 8% up.

But crypto investors will be hoping the rebound comes a bit sooner this time around. And with Bitcoin a long way off its record high and the prospect of a Federal Reserve rate cut next month—which tends to support cryptos—those hopes may be realized.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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