Bitcoin price: Increased again
This morning (November 10), Bitcoin (BTC) - the world's largest cryptocurrency by market value maintained an increase of 1.24%, reaching 103,103.98 USD.
This new price contributes to bringing market capitalization to 2,056 billion USD, up 28 billion USD. On the other hand, trading volume in the 24 hours continued to decrease by 14.09 billion USD, down to 51.13 billion USD.
Assessment and forecast
October is usually the golden time for Bitcoin. In the period from 2013 to 2024, the world's largest cryptocurrency recorded an average increase of 20% in October, causing investors to call this the "Uptober" month (October + Up).
However, this year's "Uptober" failed, when Bitcoin prices fell 5%, marking the first negative October since 2018, when Bitcoin fell 2% amid a downward wave in the entire cryptocurrency market.
Several short-term factors prompted Bitcoin prices to correct in October:
Although the Fed cut interest rates for the second time in 2025 at the end of the month, the yield on the 10-year US government bond has remained above 4% for most of the time.
The market has priced ahead of the Fed's rate cuts, while concerns about persistent inflation and the issuance of additional public debt to finance budget deficits have kept yields high.
High yields cause risky investment appetite to decrease, negatively affecting cryptocurrencies.
In addition, many investors took profits as the market approached its historical peak. The S&P 500 index is currently valued at around 31 times the profit, so any strong correction in the stock market could take Bitcoin down.
Cash flow into spot Bitcoin ETFs decreased in October, while Strategy - the largest Bitcoin holding company, also bought less. The lack of purchasing power to support large investors has slowed down the increase.
According to analysts, Bitcoin is still a volatile investment, however, looking at the prospects for the next 12 months is still positive. As bond yields cool, large investors return to buy, and the market focuses on long-term factors such as accepting Bitcoin as a legal currency and the next halving event in 2028 is a Bitcoin half-down event, programmed into a protocol to divide the block rewards given to miners, thereby doubling the number of new cryptocurrencies put into circulation, Bitcoin prices are expected to recover strongly.
Although "Uptober" failed this year, this adjustment opens up good buying opportunities for those who can ignore short-term fluctuations. Investors who patiently bought Bitcoin at the end of October 2018 have now made a profit of 1,470%. Although it is difficult to repeat the previous huge increase, Bitcoin still has room for long-term increase as it gradually affirms its position as "digital gold" in the market.
