The post Bitcoin’s Rollercoaster Ride in Q2 2024: Analyzing the 12% Price Drop appeared first on Coinpedia Fintech News
Bitcoin experienced significant volatility in the second quarter of 2024, with a notable decline in price. This report delves into the quarterly and monthly returns, comparing them to previous years and analysing the data for a clearer understanding of performance.
Second Quarter (Q2) 2024: A Decline in Bitcoin Price
Bitcoin’s quarterly returns for Q2 2024 show a 12% decline, meaning the price at the end of June 2024 was 12% lower than at the beginning of April 2024. The closing price of Q2 2024 was $62,743, down from $71,262 in Q1 2024. This sharp decline contrasts with the same quarter in 2023, where Bitcoin saw a positive return of 7.03%.
Bitcoin Monthly Returns in 2024: A Mixed Bag
Breaking down the monthly performance in 2024, Bitcoin’s price fell by 7% in June, following an 11.1% increase in May and a 14.7% drop in April. Earlier in the year, Bitcoin enjoyed a significant rise, with returns of +16.3% in March, +44% in February, and a modest +0.87% in January.
Comparative Analysis: Year-on-Year Bitcoin Performance
Comparing year-on-year performance, Bitcoin’s Q2 2024 decline stands out against its q2 2023 return of +7.03%. Despite the recent dip, Bitcoin’s six-month price change remains positive at +42.4%, highlighting its strong performance in the first half of the year. The three-month price change, however, shows a -9.92% decline as of July 1, 2024.
Bitcoin Historical Performance: Average Monthly Returns
Looking at historical data from 2011 to 2024, Bitcoin’s average monthly returns highlight interesting trends. June typically sees an average return of +7.91%, while May averages +20%, and April a robust +34.7%. March and February also show positive averages at +11.8% and +16.6%, respectively, with January averaging +9.78%.
In conclusion, Bitcoin’s performance in Q2 2024 illustrates the cryptocurrency’s inherent volatility. While the recent quarter showed a notable decline, historical and early 2024 data reveal periods of significant growth.
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