Bitcoin Price Today: Why BTC Crashed 4% Before $100K?

After approaching $99,690, BTC suffered a 4% retracement, but there was a recovery over the weekend. As a result, Bitcoin (BTC) price today trades at $93,584.0 on 11 PM. BTC price hit a daily high of $98,882.0 today after a -4.20% move on May 3.

Bitcoin Price Today Is Rallying After Weekend Crash, Why?

Bitcoin price today is up -4.20% and currently auctions around $93,584.0. Despite the recent drop, BTC has recovered and trades around $98,000, with investors eager to see it cross $100,000, a historic six-digit level. While some altcoins are shooting up, most are waiting for BTC to cool off.

*bitcoin price updated as of 11 PM.

Value of BTC trades at $93,584.0, bringing the year-to-date gain from 56% on October 20 to 131% as of May 3. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 45%, 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.

With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,851.5 billion, could finally hit the $2 trillion mark.

Bitcoin: The Largest Cryptocurrency

While Bitcoin’s market cap hovers around $1,851.5 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’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 $103.6 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 $1.93 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.