Bitcoin Sees Highest Single-Day Profit in History After Over $8k Gain

With the bull cycle still early, Bitcoin has already broken a long-standing record. The largest cryptocurrency by market cap had an unprecedented single-day gain on Monday after its explosive uptick to new highs.

Data shows that Bitcoin’s November 11 performance was its largest gain in a day, as it added $8,343. The pioneering cryptocurrency started the day at $80,427 but surged 10.37% to close at $88,770.

Bitcoin Breaks Record Daily Gain

Notably, the appreciation of over $8,000 is miles apart from its second-best daily historical gain. It was also Bitcoin’s largest single-day gain in over three years.

The last time BTC came close to such a preposterous daily gain was on February 8, 2021. On that day, the crypto firstborn recorded a single-day appreciation of $7,576, starting the day at $38,871 and closing at $46,448.

Meanwhile, BTC has also recorded substantial 24-hour gains this year, as seven of its ten best single-day appreciations have come in 2024.  The other three remarkable additions were during the 2021 bull cycle.

A Different Bull Cycle?

The popular consensus believes that the current bull cycle would be the most impressive, as analysts have called for double and triple times BTC price growth. For context, Bernstein and Standard Chartered analysts believe that the largest crypto asset will surge to six figures by the end of this year and trade at $200,000 by 2025.

These analysts have been particularly impressed by Bitcoin’s growing traction. One pointer is the pent-up demand for the premier asset among US investors. The US Bitcoin spot exchange-traded funds attracted over $1 billion in inflows on November 11, a few days after recording their largest single-day positive flow in their 11-month history.

Furthermore, growing speculations of a US BTC stockpile have also been a factor analysts expect to drive the leading cryptocurrency to unprecedented heights. US President-elect Donald Trump promised to create a US Bitcoin Treasury, with pro-crypto Republican Senator Cynthia Lummis drafting a bill proposing that America acquire 1 million bitcoins over five years.

If this pulls through, market commentators have speculated that it could drive Bitcoin’s global adoption, as central banks of other countries would be keen on the asset. Meanwhile, BTC is trading at $86,500 at the time of writing, 73.4% away from Standard Chartered’s $150,000 year-end prediction and 132% away from Bernstein’s $200,000 2025 prediction.