- Bitcoin recorded its largest daily dollar gain of $8,343 on November 11, 2024
- The cryptocurrency opened at $80,427 and closed at $88,770
- This surpassed the previous record of $7,576 set in February 2021
- The move ranks 49th in percentage gains at 10.37%, compared to the record 27.2% in 2017
- Bitcoin reached a new all-time high of $89,000 on Tuesday
Historic Dollar Gain Sets New Milestone
Bitcoin achieved an unprecedented milestone on November 11, setting a new record for the largest daily dollar gain in its history.
According to data from Coinbase analyzed by Galaxy Digital’s Alex Thorn, the cryptocurrency’s value increased by $8,343 in a single day.
The digital asset opened trading at $80,427 and reached $88,770 by the day’s close.
This remarkable surge exceeded the previous record set in February 2021 by $766, when Bitcoin recorded a daily increase of $7,576.
Percentage Gains in Historical Context
Despite the substantial dollar increase, Thorn highlighted that Monday’s movement ranks 49th in terms of daily percentage gains.
The 10.37% increase falls significantly short of Bitcoin’s all-time percentage record of 27.2%, established in 2017.
This difference reflects Bitcoin’s higher overall market value in 2024 compared to previous years.
New All-Time High and Market Indicators
Bitcoin reached a new peak of $89,000 at 1 AM (GMT) on Tuesday, as reported by CoinGecko.
The digital currency now stands $11,000 away from the psychological barrier of $100,000.
The recent price action coincides with multiple positive market indicators.
The cryptocurrency has experienced new records in circulating supply, daily spot ETF inflows, total value locked, and trading volume across exchanges during November.
COVID-19 Stimulus Investment Perspective
An interesting historical reference point shows that U.S. government COVID-19 stimulus checks invested in Bitcoin would now be worth over $14,000.
This represents a substantial return on investment for those who allocated their stimulus funds to Bitcoin during the 2020 pandemic period.
These gains demonstrate the significant price appreciation of Bitcoin over the past four years.
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