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Explore how Bitcoin price today will react as MicroStartegy decides to go on a $3 billion buying spree. Will BTC shoot up or not? By Akash Girimath 19 minutes ago | Updated 15 minutes ago
Highlights
- Bitcoin price today is up 1.57% and is likely to continue this bullish outlook.
- Although BTC could hit $100K in 2024, it is unlikely it can do that before November ends.
- However, a move to $100K is possible before the end of 2024 when the liquidity is relatively less due to the holidays.
Bitcoin (BTC) price today trades at $97,918.0 as of 11 AM. BTC price hit a daily high of $98,311.0 today after rallying 4.95% on November 21.
Why Is Bitcoin Price Up Today?
Bitcoin price today is up 4.95% today and currently auctions around $97,918.0. Since the breakout from the seven-month consolidation and the $75k hurdle, the crypto market outlook has turned bullish. While a few altcoins shoot higher, the alt season is yet to begin.
*bitcoin price updated as of 11 AM.
Price of BTC trades at $97,918.0, bringing the year-to-date gain from 56% on October 20 to 108% as of November 18. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 39%, and is well below BTC.
Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.
Bitcoin Price Eyes Bullish End to 2024
Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.
Historical Bitcoin Price Performance
With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,938.5 billion could push toward the $2 trillion mark.
Bitcoin: The Largest Cryptocurrency
While Bitcoin’s market cap hovers around $1,938.5 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization, which is $2.40 trillion. Despite the seven-month consolidation, Bitcoin’s $1.3 trillion market cap remains strong, anticipating it reaching $2 trillion in 2025.
BTC’s 24-hour Trading Volume
Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $99.5 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.
Bitcoin Blockchain Upgrades
With a market cap of $1.3 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.
Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.
Bitcoin Network Upgrades Since 2009
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024
- Taproot Upgrade (November 2021)
- Muir Glacier Upgrade (January 2020)
2017-2019
- Schnorr/Tapscript Upgrade (proposed, not activated)
- SegWit2x (canceled)
- Segregated Witness (SegWit) Upgrade (August 2017)
2015-2016
- Bitcoin Core 0.12.0 Upgrade (February 2016)
- BIP66 Upgrade (July 2015)
2013-2014
- Bitcoin Core 0.9.0 Upgrade (March 2014)
- BIP0016 Upgrade (May 2013)
2010-2012
- Pay-to-Script-Hash (P2SH) Upgrade (April 2012)
- Bitcoin Core 0.6.0 Upgrade (June 2011)
2009-2010
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Bitcoin Core 0.3.0 Upgrade (October 2009)
