Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies experienced a slight surge on Sunday evening, as apex cryptocurrency edges closer to the highly anticipated Bitcoin Halving.
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.07% | $69,421 |
| Ethereum (CRYPTO: ETH) | +1.04% | $3,422 |
| Dogecoin (CRYPTO: DOGE) | +1.23% | $0.19 |
What Happened: According to cryptocurrency exchange Coinbase, many crypto traders are looking at the Bitcoin halving event as a key factor that could lead to a potential price spike.
However, Coinbase points out that the time of year could pose an obstacle. In its April 5 market commentary report, Coinbase further explained that the crypto market will need to identify another storyline to continue driving prices up across the board.
"The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets," the exchange stated.
The occurrence of halving events has often been linked to increases in the price of Bitcoin. After the last halving event in May 2020, the price of Bitcoin experienced a surge. Commencing at $8,787 during the halving, the cryptocurrency experienced a rally, eventually reaching nearly $69,000 in November 2021.
The halving event, where the rate at which bitcoins are generated by the network roughly every ten minutes is cut in half, usually takes place after 210,000 bitcoins are mined, which occurs roughly every four years. This year, the halving is expected around April 20, but there are suggestions that it could happen even sooner.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Nervos Network (CRYPTO: CKB) | +6.17% | $0.027 |
| ORDI (CRYPTO: ORDI) | +5.55% | $74.57 |
| Athena (CRYPTO: ENA) | +5.13% | $1.16 |
The global cryptocurrency market cap now stands at $2.50 trillion, showing a 0.75% increase in the past 24 hours.
Stock futures showed a slight increase in overnight trading on Sunday after the market experienced a downturn last week with the rally in 2024 pausing. The Dow Jones Industrial Average futures rose by 55 points, while both S&P 500 futures and Nasdaq 100 futures edged up by 0.1%.
Later this week, both consumer and producer price indexes are set to be released. Economists polled by Dow Jones anticipate a 0.3% increase in the Consumer Price Index (CPI) from last month and a 3.5% year-over-year rise.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that Bitcoin is still encountering crucial resistance. If this barrier is breached, we can expect a continuation towards new all-time highs. "Bitcoin at $70,000 pre-halving. Likely $300,000 this cycle."
#Bitcoin still facing crucial resistance.If this breaks, then we'll be seeing a continuation towards new all-time highs.
Bitcoin at $70,000 pre-halving.
Likely $300,000 this cycle. pic.twitter.com/zNhFu5SrtE
— Michaël van de Poppe (@CryptoMichNL) April 7, 2024
According to market intelligence platform Santiment, Bitcoin is showing a positive signal based on a historical factor. In a recent analysis, the crypto analytics firm observed that despite Bitcoin’s significant 150% surge since October, it seems to be losing momentum.
"Is crypto still in a bull market after Bitcoin's +144% price return since October 15th? Well, according to the crowd, the belief has fizzled out significantly. Historically, less long-term optimism increases the probability of a continued market rise."