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.
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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.