NOWPayments, a leading crypto payment gateway, is excited to announce the significaте Increase of Crypto Payments since the beginning of November.
Starting in January 2024, Bitcoin’s price was around $48,717, marking a period of cautious optimism following a tumultuous 2023. Throughout the first half of the year, Bitcoin experienced significant fluctuations as market dynamics shifted, driven by regulatory developments and increased institutional interest. By November 2024, Bitcoin had reached a pivotal moment, hitting an all-time high (ATH) of $75,000 on November 8 and then surging to $89,000 shortly thereafter.
This remarkable growth didn’t go unnoticed by the business world. Companies across various industries quickly recognized the massive business opportunity Bitcoin presented. The ATH sent a clear message: Bitcoin was no longer just a speculative asset but a powerful tool for transactions, store of value, and an entry point into the broader crypto economy.
Businesses’ interest in Bitcoin grew for several reasons:
The journey to $75,000 began with a series of positive developments in the cryptocurrency market. Following the approval of Bitcoin Spot ETFs and increased institutional buying, Bitcoin’s price steadily climbed. On November 7, 2024, Bitcoin reached approximately $76,999 before closing at around $75,820. This surge was fueled by a bullish market sentiment as investors reacted positively to the election results and anticipated regulatory clarity under Trump’s administration.
Following its initial surge to $75K, Bitcoin quickly surpassed the $80,000 mark on November 10, 2024. The momentum continued as traders rushed to capitalize on the positive sentiment surrounding the cryptocurrency. By this point, BTC was trading at approximately $80,976, reflecting an increase of nearly 9.64% from the previous day.
As of November 12, 2024, Bitcoin’s price soared to around $89,000. This represents a staggering increase within just a few days following the election and highlights the cryptocurrency’s volatility and potential for rapid gains. The combination of strong demand from both retail and institutional investors has driven BTC prices higher as they anticipate further growth.
We decided to analyse how the rise in the price of the main cryptocurrency – BTC affected the number of payments. NOWPayments team took the number of payments before the U.S. election and compared it with the data after the Trump has won. The result exceeded all expectations. Thanks to the growth of BTC from $72,729.89 to $90,750.94, the number of payments increased by as much as 8%. This significant change indicates the increased interest in cryptocurrency and the correlation of BTC price and cryptocurrency usage.
The 8% increase in the number of payments demonstrates a clear correlation between Bitcoin’s price growth and the rising adoption of cryptocurrency for transactions. As BTC’s value surged, so did user engagement with crypto payments.
The significant rise in payments highlights growing public and business interest in cryptocurrencies as a viable payment method, especially during moments of market optimism fueled by events like the U.S. election.
The post-election Bitcoin rally, combined with its ATH, underscores how political and economic events can directly impact crypto adoption, encouraging more users to explore cryptocurrency as both an investment and a practical payment tool.
About NOWPayments
NOWPayments is a leading crypto payment gateway providing easy and secure payment solutions for businesses around the world. With support for over 300 cryptocurrencies and features like auto coin conversion, donation widgets, and e-commerce plugins, NOWPayments offers flexible and robust payment tools for businesses of all sizes.
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