Mohamed El-Erian Says November Was ‘Strongest Month’ Of The Year For Bitcoin As Top Crypto’s YTD Gains Dominate Gold
By Benzinga
Influential Economist Mohamed El-Erian highlighted the strong performance of cryptocurrencies and equities in November while emphasizing losses in the gold and oil markets.
What Happened: El-Erian, who is the Chief Economic Advisor at Allianz, took to X Saturday to showcase the year-to-date performance of major asset classes.
He pointed out that November had been the strongest month of the year for Bitcoin (CRYPTO: BTC), the world’s largest cryptocurrency, and the blue-chip stock market index S&P 500.
Bitcoin’s year-to-date gains zoomed past 127% by November-end, a sharp increase from 64% in October. In fact, the apex cryptocurrency’s yearly gains have already outpaced those of 2021 and 2022.
In the same breath, the losses in the bullion market were underlined, as the yellow metal’s year-to-date gains narrowed from 32.70% in October to 29.06% in November.
Additionally, the crude oil entailed further losses, with year-to-date losses widening to 5.09% at the end of November.
See Also: Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally
El-Erian’s post comes in the context of a significant geopolitical development. Israel and Lebanon have reportedly reached a ceasefire agreement, which has had a noticeable impact on global financial markets.
Why It Matters: El-Erian’s analysis follows Bitcoin’s record-breaking run, which saw it almost reach the landmark $100,000 level.
The digital asset climbed more than 40% in November, spurred by President-elect Donald Trump’s election triumph.
Additionally, the ceasefire agreement between Israel and Lebanon led to a decrease in geopolitical risks and a surge in investor optimism. This has resulted in a tumble in gold and oil prices, while risky assets have soared.
Price Action: At the time of writing, Bitcoin was trading at $97,921.55, up 1.73% in the last 24 hours, according to data from Benzinga Pro. West Texas Intermediate (WTI) crude rose by 50 basis points to $68,31 per barrel. Spot gold dropped 0.81% to $2,627.70 per ounce.
Photo by International Monetary Fund on Flickr
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