Bitcoin (BTC) price today trades at $93,976.0 as of 11 PM. BTC price hit a daily high of $94,891.0 today after sliding 1.73% on June 2.
Bitcoin price today is up 1.73% and currently exchanges hands around $93,976.0. Since hitting an all-time high of $93,400 BTC, it has been consolidating. During this sideways movement, Bitcoin set up a new ATH of $93,980 on November 19, but due to a lack of follow-through, it has slipped back into the range.
Regardless, the long-term outlook remains bullish and can be attributed to the conclusion of the US elections. As a result of this, BTC broke out from its seven-month consolidation.
*bitcoin price updated as of 11 PM.
Value of BTC hovers around $93,976.0 as of November 20 with the year-to-date gain from 121% as of November 20. Although altcoins have shot up in excess of triple digits, Bitcoin is catching up but Ethereum’s YTD performance stands at 40% and is lackluster.
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.
Industry veterans’ speculation of a bull run post-US elections was right and Bitcoin is likely to end November and 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November and is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.
With that said, if Bitcoin price continues to set up new ATHs in November and December, its market capitalization, which stands at $1,859.2 billion, could push toward the $2 trillion mark.
While Bitcoin’s market cap hovers around $1,859.2 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization which stands at $2.40 trillion. Despite the seven-month consolidation, Bitcoin’s $1.3 trillion market cap remains strong, anticipating it reaching $2 trillion in 2025.
Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $80.7 billion. With a major portion of this volume being contributed by Binance, one of the largest cryptocurrency exchanges. Binance’s share of BTC’s 24-hour trading volume is made up of spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume stands at 41%. Exchanges like OKX, Bitget, etc, follow Binance.
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 on a regular basis.
Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024
Bitcoin Core 0.3.0 Upgrade (October 2009)
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