Bitcoin (BTC) price today trades at No data found for bitcoin on 42 mins ago as of No data found for bitcoin on 42 mins ago. BTC price hit a daily high of No data found for bitcoin on 42 mins ago today after sliding No data found for bitcoin on 42 mins ago% on October 25.

Why Is Bitcoin Price is Sinking Today?

Although Bitcoin price saw a good run up on the weekend, the selling pressure throughout the week caused BTC to slide lower. This has been the main reason for Bitcoin crashing today. With the price of BTC down 1.20% and trading at $67,430, investors can expect New York open to restart the selloff.

Bitcoin Price Outlook Remains Bearish

*bitcoin price updated as of No data found for bitcoin on 42 mins ago.

Price of BTC exchanges hands at $67,430, which is far lower than $69,000, a level seen at the start of the week. This short-term bearish outlook in Bitcoin price has brought the year-to-date gain down from 56% on October 20 to 52% as of October 25.

Still, Bitcoin remains one of the largest cryptocurrency by market capitalization and its popularity can be attributed to the first-mover advantage. Furthermore, the BTC blockchain remaining a secure, decentralized and relatively scalable network has kept it at the forefront as the king of cryptocurrencies.

Other narratives like digital gold, inflation hedge, uncorrelated asset, have also helped gain widespread adoption for BTC.

Bitcoin Price Eyes Bullish End to 2024

Last week, it seemed as though Bitcoin price was ready to end its seven-month consolidation. But massive selling pressure above $69,000 led to a reversal. Since then, BTC has dropped roughly $2,000 of its value and currently trades at $67,430.

Its YTD returns are diminishing but the fourth quarter outlook remains bullish. Historical data hints that Bitcoin price has rallied an average of 82% in the fourth quarter. So far, BTC has only shot up 11% in the first month of Q4, which promises that the outlook remains bullish in the long-term for BTC.

With the US presidential elections coming to a conclusion in the first week of November, investors can expect a massive spike in volatility that leads to the start of a bull run. Regardless of who wins, markets have responded on a bullish notep.

With that said, if Bitcoin price hits a new ATH in December, Bitcoin’s market capitalization, which stands at No data found for bitcoin on 42 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 42 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 with anticipation of 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 42 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)

Bitcoin Price Prediction & Trends

The seve-month consolidation could come to an end soon. The end of US presidential elections could kickstart the BTC bull rally by November second week. Investors expect the uptrend to be extremely bullish if Donald Trump wins.

However, data shows, regardless of who wins, conclusion of the US elections are bullish for markets, be it crypto or stocks.  So, Bitcoin price hitting a new ATH before 2024 is not unlikely. As a result, the next few weeks are critical in setting the tone for Bitcoin and the rest of the crypto markets.

The post Bitcoin Price Today Drops 1.20%, BTC Trades at $67,430 appeared first on CoinGape.

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