Analyzing Bitcoins Volatile Q2 2024 Examining the 12 Price Decline
Bitcoin encountered considerable volatility during the second quarter of 2024, marked notably by a significant price decrease. This report delves into the quarterly and monthly returns, drawing comparisons with previous years to provide a comprehensive analysis of its performance.
**Second Quarter (Q2) 2024: Declining Bitcoin Prices**
Bitcoin’s performance in Q2 2024 saw a decline of 12% in quarterly returns, indicating that by the end of June 2024, the price had dropped by 12% compared to the beginning of April 2024. Closing at $62,743 for Q2 2024, this figure contrasts sharply with the $71,262 recorded in Q1 2024. In contrast, Q2 2023 had shown a positive return of 7.03%.
**Monthly Returns of Bitcoin in 2024: A Varied Outlook**
Breaking down the monthly performance for 2024, Bitcoin experienced a 7% decrease in June following an 11.1% increase in May and a 14.7% drop in April. Earlier in the year, Bitcoin saw significant gains with a +16.3% return in March, a robust +44% in February, and a modest +0.87% in January.
**Comparative Analysis: Year-on-Year Performance of Bitcoin**
Comparing year-on-year performance, Bitcoin’s decline in Q2 2024 contrasts sharply with its +7.03% return in Q2 2023. Despite this recent downturn, Bitcoin’s six-month price change remains positive at +42.4%, showcasing its strong performance in the first half of the year. However, the three-month price change reveals a decline of -9.92% as of July 1, 2024.
**Historical Performance of Bitcoin: Average Monthly Returns**
Analyzing data from 2011 to 2024, Bitcoin’s average monthly returns reveal intriguing patterns. June typically sees an average return of +7.91%, while May averages +20% and April an impressive +34.7%. March and February also show positive averages at +11.8% and +16.6% respectively, with January averaging +9.78%.
In summary, Bitcoin’s performance in Q2 2024 highlights the inherent volatility of the cryptocurrency market. Despite the recent decline, historical data and early 2024 trends underscore periods of substantial growth.
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**Tags:**
Bitcoin, Price Analysis