Why is Bitcoin Price Today Up 2.29%, BTC Trades at $91,860

Bitcoin (BTC) price today trades at No data found for bitcoin on 38 mins ago as of No data found for bitcoin on 38 mins ago. BTC price hit a daily high of No data found for bitcoin on 38 mins ago today after climbing No data found for bitcoin on 38 mins ago% on November 18.

Why Bitcoin Price Today is Up 2.29%?

Bitcoin price today is up 2.29% today and currently auctions around No data found for bitcoin on 38 mins ago on November 18, 2024. This bullish outlook is due to the recent breakout from the $75k hurdle and the seven-month consolidation, allowing buyers to push BTC higher. The overall trend remains bullish, with a few altcoins shooting higher.

Short-term Bitcoin Price Performance is Bearish

*bitcoin price updated as of No data found for bitcoin on 38 mins ago.

Price of BTC trades at No data found for bitcoin on 38 mins ago, bringing the year-to-date gain from 56% on October 20 to 108% as of November 18. Although many altcoins have shot up in excess of triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster and 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 hedge, uncorrelated asset, have kept BTC at the forefront of the crypto market since its inception in 2009.

Will Bitcoin’s Bullish Historical Bitcoin Price Action Continue?

Many industry veterans’ speculation of bull run post-US elections has come true and November is likley going to remain bullish with BTC already hitting a new ATH of $93,265 as of November 13. Bitcoin’s market capitalization, which stands at No data found for bitcoin on 38 mins ago will likely push toward the $2 trillion mark.

This confidence comes due to the fact that Bitcoin is currently in the fourth quarter, which is the most bullish phase through the year.

Bitcoin: The Largest Cryptocurrency

Together with Ethereum, the duo constitutes nearly 70% of the total cryptocurrency market capitalization which stands at $2.40 trillion. Out of that, Bitcoin’s market cap stands at No data found for bitcoin on 38 mins ago, significantly higher than Ethereum’s $314 billion.

Despite the seven-month consolidation, Bitcoin’s $1.82 trillion market cap continues to dominate popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $115 billion and $65 billion.

BTC’s 24-hour Trading Volume

With the long-term BTC outlook flipping bullish, BTC’s trading volume sits at No data found for bitcoin on 38 mins ago, and most of this is contributed by Binance, one of the largest cryptocurrency exchanges. This platform alone contributes about 11% to the spot trading volume and nearly 41% to the perpetual trading volume. Other exchanges, like OKX, Bitget, etc, follow Binance.

Key Bitcoin Blockchain Upgrades

With a market cap of $1.82 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)

Bitcoin Price Prediction & Trends

The end of the seven-month consolidation can be attributed the favorable conclusion to the US presidential election, leading to Donald Trump’s victory. Following this key event, crypto market is likely to have kickstarted a bull run.

The post Why is Bitcoin Price Today Up 2.29%, BTC Trades at $91,860 appeared first on CoinGape.