Theprice of Bitcoinhas jumped by 5% over the last 24 hours to a current price of $69,139, reversing a three-day trend that saw the leading cryptocurrency (by market cap) drop beneath the $70,000 level and nearly touch $65,000 on Tuesday before rising on Thursday.
TheBitcoin halvingis the quadrennial network event that cuts the amount of BTC that miners receive as a reward for successfully producing a new block. It’s meant to slow the growth of the circulating supply and curb inflation, and is typically tied to a rising price for the asset.
In anticipation of the next halving, which is currently expected totake place on April 20, the price of Bitcoin spiked in March to a new all-time high price of $73,737, jumping several times during the month as it gradually pushed higher and higher. Bitcoin’s long-standing previous all-time high was set in November 2021 around the $69,000 mark.
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The estimated date for the halving has bounced around in recent weeks, as the event is pegged to a certain network block, and Bitcoin activity and demand helps determine how quickly the network gets to that point. Currently, it’s expected on April 20 or 4/20, anotable meme numberthat aligns well with the current price—itself featuring anothermajor meme number.
Bitcoin’s latest rise has unsurprisingly sparked similar action across the market, which is broadly up 4% on the day per data fromCoinGecko.Ethereum(ETH) is up nearly 4% to $3,415 today, whileDogecoin(DOGE) has popped 6% to $0.186 andBinance Coin(BNB) is the biggest gainer in the top 10 coins with an 8% jump to $597.
Two of the biggest gainers in the top 100 cryptocurrencies by market cap are also tied to Bitcoin.ORDI, a BRC-20 token minted via theBitcoin Ordinals protocol, is up nearly 15% on the day to a current price above $64, whileBitcoin Cash—forked from Bitcoin—is up about 12% to $644following its own halving eventthis week.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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