Bitcoin Price is Up 0.80% Today as BTC Trades at $67,000

by

As an analyst with over a decade of experience in the cryptocurrency market, I have witnessed Bitcoin’s meteoric rise and fall multiple times. The current seven-month consolidation phase we are in feels eerily similar to the pre-2017 bull run. However, instead of waiting for Santa Claus, this year it seems like President Biden could be the one to light up the candles on Bitcoin’s cake.

As an analyst, I’m reporting that as we speak, the current Bitcoin (BTC) price is unavailable at this moment. Earlier today, it reached a daily high before experiencing a 0% drop on October 24th, which followed a slide of undefined percentage.

Why Bitcoin Price is Rising Today?

On October 24, 2024, the price of Bitcoin decreased by 0.04% and is now being traded at approximately $66,890. Following a weekend surge, Bitcoin has been experiencing a downward trend, with selling from investors contributing to its decrease. Despite a temporary increase to $67,600 during the late New York trading session, the overall market sentiment remains negative.

Short-term Bitcoin Price Performance is Bearish

*bitcoin price updated as of No data found for bitcoin on 4 seconds ago.

The cost of a single Bitcoin is currently $66,990, which represents a year-to-date increase of approximately 52%, up from 56% as of October 20. While numerous altcoins have surged past triple digits in growth, Bitcoin itself has yet to achieve the same feat. As of now, Ethereum‘s year-to-date performance is at 7.13%, significantly lower than that of Bitcoin.

Bitcoin, being the largest cryptocurrency, owes its popularity mainly to its early lead (first-mover advantage) and its status as a secure, decentralized network. Moreover, it has maintained a prominent position in the crypto market since its debut in 2009 due to narratives such as digital gold, inflation hedge, and an uncorrelated asset.

Bullish Historical Bitcoin Price Action to Continue in Q4, 2024

With Bitcoin’s price holding steady after seven months, it’s crucial for investors to take note of the shrinking year-to-date returns for BTC, which have fallen from 56% in October to 52% currently. This trend could continue to be unpredictable over the short term. However, the first day of November might bring significant fluctuations due to the closing of the US presidential elections. Many experts believe that cryptocurrencies may surge regardless of the election results. Nonetheless, if a bull run starts in November, we can anticipate a new all-time high by December and Bitcoin’s market capitalization, currently undisclosed, to edge closer to the $2 trillion mark.

This confidence arises because we’re now in Q4 (the last quarter of the year), which is typically the most optimistic period for Bitcoin.

Bitcoin: The Largest Cryptocurrency

In combination with Ethereum, Bitcoin makes up almost 70% of the entire cryptocurrency market capitalization, which currently totals approximately $2.4 trillion. However, it’s important to note that at this moment, there seems to be no data available for Bitcoin’s market cap, but it is substantially larger than Ethereum’s, which stands at around $314 billion.

Even though Bitcoin has been relatively stable over the past seven months, its massive market value of approximately $1.3 trillion remains significantly larger than that of other well-known cryptocurrencies such as Solana (SOL) and Ripple (XRP). The market cap of these two digital assets currently stands at around $78 billion for Solana and $30 billion for Ripple.

BTC Trading Volume

For Bitcoin in the short term, the forecast is bearish; however, Wednesday’s late rally in New York suggests a possible reversal heading upward. An analysis of Bitcoin’s trading activity reveals that there are currently no data available for Bitcoin 4 seconds ago. The majority of this activity can be attributed to Binance, one of the biggest cryptocurrency exchanges, which accounts for approximately 11% of spot trading volume and nearly 41% of perpetual trading volume. Other platforms like OKX, Bitget, etc., follow closely behind Binance in terms of contribution to Bitcoin’s trading activity.

Major Bitcoin Upgrades

To ensure the network’s continued success, with its current value at approximately $1.3 trillion, it’s crucial that Bitcoin stays secure, maintains its decentralized structure, and can handle increased transaction volume efficiently. This can be achieved through periodic updates to the Bitcoin network.

Since its launch in 2009, the Bitcoin network has undergone significant updates and is set to receive more in the future. These improvements have been instrumental in enhancing the overall functionality of the network.

Bitcoin Network Upgrades Since 2009

Here are some key milestone upgrades to the Bitcoin network over the past decade.

2020-2024

  • Taproot Upgrade (November 2021)
  • Muir Glacier Upgrade (January 2020)
2017-2019
  • Schnorr/Tapscript Upgrade (proposed, not activated)
  • SegWit2x (canceled)
  • Segregated Witness (SegWit) Upgrade (August 2017)
2015-2016
  • Bitcoin Core 0.12.0 Upgrade (February 2016)
  • BIP66 Upgrade (July 2015)
2013-2014
  • Bitcoin Core 0.9.0 Upgrade (March 2014)
  • BIP0016 Upgrade (May 2013)
2010-2012
  • Pay-to-Script-Hash (P2SH) Upgrade (April 2012)
  • Bitcoin Core 0.6.0 Upgrade (June 2011)
2009-2010

  • Bitcoin Core 0.3.0 Upgrade (October 2009)

Bitcoin Price Prediction & Trends

The ongoing decline in Bitcoin’s price over the past few months might be due to its seven-month period of holding steady, also known as consolidation. Once the U.S. presidential election wraps up, traders might witness a significant breakout from this phase of limited movement. The end of this sideways trend could result in a substantial and extremely volatile shift that may aim for liquidity on both sides before reaching a new record high (ATH).

Over the coming weeks, Bitcoin and the broader crypto market will likely establish their short-term direction, which is crucial to understanding their trajectory.

Read More

2024-10-24 14:06