Bitcoin Price: Here’s Why BTC Could Hit $100K Today

Bitcoin (BTC) price today trades at No data found for bitcoin on 6 mins ago as of No data found for bitcoin on 6 mins ago. BTC price hit a daily high of No data found for bitcoin on 6 mins ago today after sliding No data found for bitcoin on 6 mins ago% on November 20.

Why Is Bitcoin Price Up Today?

Bitcoin price today is up No data found for bitcoin on 6 mins ago% and currently exchanges hands around No data found for bitcoin on 6 mins ago. 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 No data found for bitcoin on 6 mins ago.

Value of BTC hovers around No data found for bitcoin on 6 mins ago 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.

BTC Price Today is Bullish

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 No data found for bitcoin on 6 mins ago, could push toward the $2 trillion mark.

Bitcoin: The Largest Cryptocurrency

While Bitcoin’s market cap hovers around No data found for bitcoin on 6 mins ago, 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.

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 No data found for bitcoin on 6 mins ago. 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.

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 on a regular basis.

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.

• Taproot Upgrade (November 2021)

• Muir Glacier Upgrade (January 2020)

• Schnorr/Tapscript Upgrade (proposed, not activated)

• SegWit2x (canceled)

• Segregated Witness (SegWit) Upgrade (August 2017)

• Bitcoin Core 0.12.0 Upgrade (February 2016)

• BIP66 Upgrade (July 2015)

• Bitcoin Core 0.9.0 Upgrade (March 2014)

• BIP0016 Upgrade (May 2013)

• Pay-to-Script-Hash (P2SH) Upgrade (April 2012)

• Bitcoin Core 0.6.0 Upgrade (June 2011)

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