Why Bitcoin Price is up Today? As the global market capitalization is kept from falling below $1 trillion, the cryptocurrency markets are soaring sharply, signalling a recovery over $1.12 trillion. Since the start of trade, the price of bitcoin has increased by more than 10%, rising beyond $24,600 for the first time since August 2022. Bitcoin’s price was worth $24,704 at the time of writing, something that has sparked excitement among investors and traders. A multitude of things led to the famous rally, some of which are described here – Hash Rate at its ATH The network's processing capacity for processing transactions and creating new tokens is known as "mining," and it is approaching ATH. The increase in hash rate suggests that more nodes are vying with one another to validate the transactions. Short Liquidations A large “short liquidation” of more than $78 million from the previous trading day, which increased the BTC price by more than 12% in just a few hours. Consolidating DXY The DXY Index measures the value of the US dollar. The levels peaked in early February when the Bitcoin price remained heavily consolidated below $22,000. As the index faced rejection from an interim high of $104, the Bitcoin price accelerated and surpassed $24,900. Increased Whales Accumulation said Bitcoin Bulls The current breakout has been linked by on-chain intelligence company Santiment to increased buying pressure from Bitcoin whales. Furthermore, as a result of the BUSD strike by the New York State Department of Financial Services, more traders are switching from the stablecoins market like Binance USD to Bitcoin. In 2024, the total price of bitcoin will reach new highs, and it has the potential to exceed $25,000 at any time. A steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19 as per coinpedia. https://coinpedia.org/price-prediction/bitcoin-price-prediction/