Bitcoin Price Soars to $69,000 Just Before 4/20 Halving
Over the past 24 hours, the price of Bitcoin has seen a 5% increase, reaching $69,139. This marks a reversal of the downward trend that had pushed the leading cryptocurrency below $70,000 and nearly touched $65,000 on Tuesday before bouncing back on Thursday.
What is Bitcoin Halving and how does it surge the Bitcoin Price
The Bitcoin halving is a network event that occurs every four years and reduces the reward miners receive for producing a new block of BTC. Its objective is to slow down the growth of the circulating supply and curb inflation, which typically leads to a rising price for the asset.
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In anticipation of the next halving, scheduled for April 20, the price of Bitcoin surged in March, reaching a new all-time high of $73,737. The price increased several times during the month as it continued to rise steadily. Bitcoin’s previous all-time high was set in November 2021, at around the $69,000 mark.
The estimated date for the halving has been fluctuating in recent weeks, as the event depends on a specific network block and Bitcoin activity and demand affect how quickly the network reaches that point. Currently, the halving is expected on April 20, which is a notable meme number and aligns well with the current price.
The Analysis of the Rising
Bitcoin’s latest rise has also triggered a similar trend in the market, with a 4% increase across the board according to CoinGecko data. Ethereum (ETH) has seen a nearly 4% increase to reach $3,415, while Dogecoin (DOGE) has surged 6% to $0.186, and Binance Coin (BNB) has gained the most among the top 10 coins with an 8% jump to $597.
Read Also: Bitcoin Sets A New All-time High: Factors Behind the Surge
Two of the biggest gainers in the top 100 cryptocurrencies by market capitalization are also linked to Bitcoin. ORDI, a BRC-20 token minted via the Bitcoin Ordinals protocol, has risen by nearly 15% to a current price above $64, while Bitcoin Cash, which was forked from Bitcoin, has seen a 12% increase to $644 following its own halving event this week.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
