Bitcoin BTC/USD is by far the largest cryptocurrency token in terms of market capitalization, and its price movements are shaping the entire cryptocurrency industry.
Bitcoin mass adoption and future development as a catalyst for growth
On October 21, we discussed if it was too late to invest in Bitcoin after it had already reached its ATH value of $67,276. There was also a lot of hype surrounding the Bitcoin ETF.
This is due to the fact that after the ProShares futures-based Bitcoin ETF made its market debut on the New York Stock Exchange under the ticker BITO, the price of Bitcoin surged past its, at the time, $62,000 value and reached its new ATH point.
This was an important milestone in the mass adoption of Bitcoin, as well as other cryptocurrencies. It served as a validation of the crypto market by the top financial regulator in the world’s largest economy.
JPMorgan said that the increasing number of millennial investors could push BTC to $146,000.
New York City got a pro-crypto mayor, where Democrat Eric Adams promised to make the city the center of Bitcoins and revealed the news through a tweet. Miami saw Mayor Francis Suarez say that he would be taking up his next paycheck 100% in Bitcoin.
Within the next five days, the Bitcoin protocol is planned to undergo a soft fork. This is known as the Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contract capabilities.
This is seen as the first major upgrade since August of 2017 where Bitcoin introduced Segregated Witness (SegWit), and saw the launch of the Lightning Network.
This soft fork and upgrade has the potential to boost the value of Bitcoin even further.
Should you buy Bitcoin (BTC)?
On November 8, Bitcoin (BTC) had a value of $66,041.
In order for us to get an indication of this price point, as well as how its price has moved throughout the past month, we’ll be going over its all-time high value and its value in October.
In terms of the performance in October, Bitcoin (BTC) started off on October 1, with its lowest value point at $43,414.
However, on October 20, it reached its highest point of that month at $67,276, which is also its current all-time high value.
Here we can see that from October 1 to October 2, the value of Bitcoin (BTC) increased by $23,862, or by 55%.
However, from October 20 to November 8, the value is lower by $1,235 or by 1.84%.
According to data from IntoTheBlock, BTC saw $246.81 billion in transactions greater than $100,000 within the last seven days.
That said, the network also had a 30-day average of 38.52 million addresses.
With all of this in mind, we can expect the BTC token to increase its value to $68,500 by the end of November, making it a solid purchase at its current price point.
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