As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I must say that the current state of Bitcoin (BTC) is quite intriguing. After navigating through various market cycles and witnessing numerous technological advancements within the BTC ecosystem, I am optimistic about its future prospects.
As of now, the Bitcoin (BTC) price is currently unavailable as it was checked 11 seconds ago. Earlier today, the BTC price reached its daily high following a 10% increase from its previous level, which occurred on November 18.
Why Bitcoin Price Today is Up 2.29%?
Today, Bitcoin’s price has risen by 2.29%, and at this moment, it is being traded around an unknown value (no data found) approximately eleven seconds ago on November 18, 2024. This positive movement is attributed to the recent breach of the $75k barrier and the seven-month period of consolidation, which has empowered buyers to drive Bitcoin’s price upward. The long-term perspective remains optimistic, with several altcoins experiencing a surge in value as well.
Short-term Bitcoin Price Performance is Bearish
*bitcoin price updated as of No data found for bitcoin on 11 seconds ago.
The cost of Bitcoin was undetermined 11 seconds ago, but it currently has a year-to-date growth of 108%, having risen from a 56% increase on October 20 to November 18. While many other cryptocurrencies have experienced triple-digit increases, Bitcoin is making progress towards matching this pace. Meanwhile, Ethereum‘s year-to-date performance has been unimpressive at 39%, significantly trailing behind Bitcoin.
Bitcoin, the most valued cryptocurrency due to its initial advantage and secure, decentralized structure, has been a leading player in the crypto market since its launch in 2009. Narratives such as digital gold, inflation hedge, and uncorrelated asset have contributed to its continued prominence.
Will Bitcoin’s Bullish Historical Bitcoin Price Action Continue?
It’s true that the predictions by many experienced professionals about a bull run in the markets following the US elections have proven accurate, and it appears November will continue to be a bullish month. As of November 13th, Bitcoin has reached a new all-time high ($93,265) and its market capitalization, currently at a substantial amount, is expected to approach or even surpass 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 approximately 70% of the entire cryptocurrency market capitalization, which currently amounts to around $2.4 trillion. It’s worth noting that Bitcoin’s market cap is significantly larger than that of Ethereum, estimated at about $314 billion.
Regardless of Bitcoin’s seven-month period of stability, its market value of 1.82 trillion dollars remains significantly larger than that of popular alternatives such as Solana (SOL) and Ripple (XRP), whose market capitalizations are approximately 115 billion dollars and 65 billion dollars respectively.
BTC’s 24-hour Trading Volume
Given the increasingly optimistic long-term Bitcoin (BTC) sentiment, it’s currently unclear what the trading volume was for BTC just seconds ago. However, a significant portion of this volume is attributed to Binance, one of the leading cryptocurrency trading platforms. This single exchange accounts for approximately 11% of the spot trading volume and almost 41% of the perpetual trading volume. Other exchanges, such as OKX and Bitget, follow closely behind Binance in terms of contribution to BTC’s trading activity.
Key Bitcoin Blockchain Upgrades
To ensure security, decentralization, and scalability, which are crucial with a total value of approximately $1.82 trillion, we need to consistently update the Bitcoin network.
Since its launch in 2009, the Bitcoin network has undergone several significant improvements or is set to receive them in the future.
Bitcoin Network Upgrades Since 2009
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024
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Taproot Upgrade (November 2021)
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Muir Glacier Upgrade (January 2020)
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Schnorr/Tapscript Upgrade (proposed, not activated)
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SegWit2x (canceled)
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Segregated Witness (SegWit) Upgrade (August 2017)
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Bitcoin Core 0.12.0 Upgrade (February 2016)
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BIP66 Upgrade (July 2015)
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Bitcoin Core 0.9.0 Upgrade (March 2014)
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BIP0016 Upgrade (May 2013)
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Pay-to-Script-Hash (P2SH) Upgrade (April 2012)
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Bitcoin Core 0.6.0 Upgrade (June 2011)
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Bitcoin Core 0.3.0 Upgrade (October 2009)
Bitcoin Price Prediction & Trends
The end of the seven-month period of stability in financial markets might be due to the positive outcome of the U.S. presidential election, which saw Donald Trump emerge victorious. This significant event could have triggered a surge or upward trend in the cryptocurrency market, often referred to as a ‘bull run’.
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2024-11-18 13:18