Bitcoin (BTC) Price Prediction & Trends Today October 23, 2024

The current price of Bitcoin (BTC) today is $66,429.0 as of 11 AM. As if Wednesday, BTC price hit a daily high of $67,740.0 today after sliding -1.34% on October 23.

The price of Bitcoin (BTC) dropped today despite recovering from a seven-month low. At 11 AM, the price of BTC was $66,429.0, showing a 0.70% decrease in the past 24 hours.

After hitting a daily high of $67,740.0, the BTC price slid -1.34% 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 11 AM.

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 24. 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 $1,315.7 billion, it could go beyond $2 trillion this cycle.

Bitcoin: The Second-Largest Cryptocurrency

Clubbing Bitcoin’s $1,315.7 billion 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 $30.2 billion. 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.

2020-2024

Bitcoin Core 0.3.0 Upgrade (October 2009): Initial public release.

Bitcoin Price Prediction & Trends

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