The month of December has just started and already we’re off to a good start. Bitcoin – the world’s largest and most prominent cryptocurrency by market cap – has seemingly jumped in price by another $100, leaving many enthusiasts to wonder if perhaps the currency is about to enter another bull run.
December Has Often Been Good to Bitcoin
Of course, to assume this means anything would be a mistake. Bitcoin can go up just as easily as it can go down. We all witnessed that over the past few months, and $100 is virtually nothing for a currency that has a market cap of more than $140 million at press time.
However, we need to acknowledge that while this may not look like much at first glance, we have entered a month that has become virtually synonymous with bitcoin gains. Just look at December 2017. This was the time when BTC spiked to hit its all-time high of nearly $20,000. While this action hasn’t been repeated, the month will go down in crypto history as the time when bitcoin took all its competition to the bank.
In addition, bitcoin also incurred heavy spikes during the previous December in 2016. This was roughly one month after the election of Donald Trump as the U.S. president, and it was during that time when the currency first found itself inching towards $1,000 territory. Both times, the month has done great things for the leader of crypto.
Some of you are probably thinking to yourselves, “Oh yeah? Well, what about December of 2018? Bitcoin was doing terribly then.” That’s true, but to blame this action on December would be inaccurate. As we likely remember, bitcoin actually incurred its mega drop to $3,500 from $6,000 during November of last year. It was around the Thanksgiving holiday that the fall happened, and we can’t blame the month of December for this maneuver. December simply continued the bear market, but it didn’t necessarily start it.
Will We See Some Strong Action?
So, the big question now is, “Will we see further spikes over the coming weeks? Will bitcoin begin to enter broader territory once January and early 2020 makes its rounds?” Perhaps… Perhaps not. The early months of this year did not prove very fruitful for bitcoin or the rest of the crypto world. BTC remained in the low to mid-$3,000 range through April of 2019, meaning it took approximately five months for the currency to incur any spikes or changes in behavior.
However, the currency was already trapped in a rut during that time, whereas now, the currency appears to be showing a bit more promise as we enter the final month of the year, and with so many bitcoin gift-giving opportunities entering the mix, the opportunity is there for the world’s leading form of crypto to make serious headway.