Bitcoin Price Today: Why BTC’s Second $100K Breakout is Massively Bullish

Although there was a lot of enthusiasm when Bitcoin’s cleared $100K for the first time, it was brief. The December 5 crash knocked BTC to $90K and tirggered more than a billion US dollars worth of liquidation. But this one indicator showcases that the second attempt to overcome $100K will be massively bullish. Regardless, Bitcoin price today hovers around $100,171.0 on 11 PM after hitting a daily high of $100,537.0 today after a 0.24% move on May 17.

Bitcoin Price Slides Below $100K, What’s Next?

Bitcoin price crashed 13.53% between December 4 and 5, wiping out an excess of $1.5 billion worth of positions in just 19 hours. On December 5 alone, more than $1 billion worth of longs and short positions got wiped from the cryptocurrency market. 

But why did Bitcoin suddenly dip below the historic $100,000 level, and will it recover? Let’s discover!

Meitu, dubbed as the chinese MicroStrategy, sold its crypto holdings, which led to the sudden drop in Bitcoin price on December 4. The Chinese selfie application operator sold 940 BTC and 31,000 ETH, realizing nearly $80 million in profits, the company’s Wednesday statement noted.

Bitcoin price today is up 0.24%  and trades at $100,171.0.

*bitcoin price updated as of 11 PM.

Value of BTC trades at $100,171.0, bringing the year-to-date gain from 56% on October 20 to roughly 130% as of May 17. The YTD performance has slumped due to the recent BTC crash. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 70%, 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.

Will Bitcoin End 2024 on Positive Note?

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.

With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,983.6 billion, could finally hit the $2 trillion mark.

Bitcoin’s Market Capitalization

While Bitcoin’s market cap hovers around $1,983.6 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization. Despite the seven-month consolidation, Bitcoin’s $1.93 trillion market cap remains strong, anticipating it reaching $2 trillion before 2025.

BTC: A composition of 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 $61.2 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.

Key Bitcoin Upgrades

With a market cap of $1.93 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.