🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bitcoin in good post-Halving spirits

Published 22/04/2024, 09:46
Bitcoin in good post-Halving spirits
BTC/USD
-
ETH/USD
-

Proactive Investors - Bitcoin (BTC) marched higher over the weekend and continued to gain against the dollar this morning, in a bullish showing for the world’s largest cryptocurrency following its fourth halving event.

The market is bolstered by another outside of the Halving though; risk-on assets have rebounded since tensions between Iran and Israel have momentarily simmered down.

Bitcoin is now up 11% since plummeting to a six-week low of $59,600 on Friday, a day before the Halving.

Transaction fees on the bitcoin blockchain spiked to all-time highs immediately following the Halving. While they have come down significantly, fees on the network are still some of the highest yet seen in 2024.

Grayscale analysts deduced that this could be a benefit to bitcoin miners who have seen their daily mining rewards slashed in half post halving.

“If transaction fees normalise at a level higher than in the past, the impact of the halving on miner revenue will be dampened,” they wrote in a research piece on the matter.

At the time of writing, bitcoin was swapping for $66,198.

Ethereum (ETH) has benefitted from bitcoin’s stronger price, adding around 3% over the weekend and another 2% today. At the time of writing, the ETH/USD pair was swapping for $3,209.

In the broader altcoin space, Ripple (XRP) is up 3.4% week on week, while BNB is up 4.5% and Cardano (ADA) a flat 3%.

Meme coin Shiba Inu has surged 14.5% over the past seven days.

Global cryptocurrency market capitalisation currently stands at $2.43 trillion, with bitcoin dominance at 53.6%.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.