The current price of Bitcoin (BTC) today is No data found for bitcoin on 45 mins ago as of No data found for bitcoin on 45 mins ago. As if Wednesday, BTC price hit a daily high of No data found for bitcoin on 45 mins ago today after sliding No data found for bitcoin on 45 mins ago% on October 23.

Why is Bitcoin price Down Today?

Bitcoin price today dropped 0.70% and trades at $66,953 on October 23, 2024. Although the weekend rally pushed BTC above $69,000, the sell-off since then has led to a near-4% crash.

Bitcoin Price Performance Chart

*bitcoin price updated as of No data found for bitcoin on 45 mins ago.

Bitcoin’s popularity is due to its innovativeness of being the first successful digital money. Since then, many narratives have kept BTC at the forefront of the crypto market since 2009. BTC’s first-mover advantage and similarity to gold have made it an even better investment asset.

Over the past year, price of BTC today  has yielded a whopping 52% return, while the second-largest cryptocurrency by market capitalization, Ethereum, stands at 18%, disappointing investors.

Bitcoin’s Price History

The year-to-date (YTD) performance of BTC has dropped to 52% after hitting a peak of 74% in early March 2024. With the US elections coming to a close, many speculate Bitcoin price will witness massive volatility and a run to new all-time highs (ATHs). Although the current market capitalization of BTC stands at No data found for bitcoin on 45 mins ago, it could go beyond $2 trillion this cycle.

Bitcoin: The Second-Largest Cryptocurrency

Clubbing Bitcoin’s No data found for bitcoin on 45 mins ago market cap with Ethereum’s (BTC) $314 billion constitutes nearly 70% of the total crypto market capitalization. This duo is likely to capture a bigger share in the upcoming bull run that will start after the US presidential election decision on November 5.

Despite the seven-month consolidation, Bitcoin’s $1.3 trillion market cap towers over other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.

Bitcoin’s Trading Volume

Despite the recent drop in Bitcoin price, the 24-hour trading volume of bitcoin is No data found for bitcoin on 45 mins ago. Binance, one of the largest cryptocurrency exchanges, contributes about 11% to the spot trading volume and nearly 41% to the perpetuals’ trading volume. Exchanges like OKX, Bitget, etc follow Binance. Popular cryptocurrencies like SOL, XRP, and BNB have at least several times lower trading volume than BTC.

Bitcoin Network Upgrades

The updates add security, increase decentralization, and improve scalability. So far, Bitcoin’s network has scaled massively, without compromising security or decentralization. However, some believe BTC needs to scale further to become a global monetary network.

Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.

Bitcoin Blockchain Upgrades Since Inception, 2009

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

• Taproot Upgrade (November 2021): Enhanced privacy and smart contract functionality.

• Muir Glacier Upgrade (January 2020): Delayed the Difficulty Bomb.

• Schnorr/Tapscript Upgrade (proposed, not activated): Improved signature aggregation.

• SegWit2x (canceled): Aimed to increase block size.

• Segregated Witness (SegWit) Upgrade (August 2017): Increased block capacity.

• Bitcoin Core 0.12.0 Upgrade (February 2016): Improved performance.

• BIP66 Upgrade (July 2015): Enhanced transaction validation.

• Bitcoin Core 0.9.0 Upgrade (March 2014): Introduced watch-only wallets.

• BIP0016 Upgrade (May 2013): Improved transaction handling.

• Pay-to-Script-Hash (P2SH) Upgrade (April 2012): Enabled multisig transactions.

• Bitcoin Core 0.6.0 Upgrade (June 2011): Introduced RPC API.

Bitcoin Price Prediction & Trends

The recent downtrend in Bitcoin price can be attributed to the cyclical nature of buyers and sellers, which has kept BTC rangebound for the past seven months. Perhaps the consolidation could be explained by taking into account the US election, which many investors are anticipating. A conclusion to this event could induce massive volatility and target liquidity on either side, leading to whipsaws.

As a result, the next few weeks are critical in determining where  Bitcoin goes next.

Bitcoin prices 2024

As of ‘October 23, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows BTC is up 4.73%, while year-to-date returns show BTC at YTD data unavailable for bitcoin on 45 mins ago

Although Bitcoin price today trades at $66,953, investors can expect a shocking performance if BTC ends its seven-month consolidation and heads for new all-time high.

The post Bitcoin Price Today: BTC is Down 0.70%, Trades at $66,953 appeared first on CoinGape.

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