Bittime - The historic moment of the fourth Bitcoin (BTC) halving has been completed. This marks a new chapter in the journey of the crypto king. This event marked the cut of the block reward from 6.25 BTC to 3.125 BTC, a milestone that is predicted to have a significant impact on the market.
Price Stability Amid Reduced Block Rewards
Despite the reduced block reward, 840,000 block miners are still compensated considerably through transaction fees. Data from Blockchain.com shows that transaction fees reached more than 37 BTC, equivalent to more than $2.4 million (Rp34.4 billion).
Amidst this monumental moment, the value of Bitcoin showed stability, holding in the $63,000 range. In fact, BTC briefly touched the $64,120 mark during the halving, before experiencing a slight decline. Currently, BTC is trading in the $63,700 range, signaling an increase of about 6% in the last 24 hours, based on CoinGecko data.
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The Rise of Altcoins and the Decline of Toncoin
The impact of the halving is not only felt by Bitcoin, but also altcoins. Most altcoins managed to bounce back from previous declines and are now in the green. Ethereum (ETH) and Binance Coin (BNB) both recorded 5.5% gains in the last 24 hours. Solana (SOL) stole the show with a 10% surge, trading around $142.
On the other hand, Toncoin (TON) underwent price adjustments. Currently, TON is priced at around $6, down about 3% in a day.
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Post-Halving Outlook: Increase or Decrease?
Since its emergence in 2009, Bitcoin has gone through four halving events. Every halving is always followed by a decrease in the supply of new Bitcoins that have the potential to increase demand and price.
In the previous three halvings, Bitcoin hit its highest point a few months after the halving. However, with the launch of spot Bitcoin exchange-traded funds (ETFs) in the US and growing institutional adoption, Bitcoin has recorded a new record high of $73,700 in March. For some analysts, this phenomenon may have included an expected price increase post-halving, signaling a potential price decline after the halving.
Conclusion
However, the future remains unpredictable, especially with the current geopolitical tensions potentially affecting risky investments such as cryptocurrencies. Investors are advised to always do in-depth research and consider the risks before investing.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Bitcoin Last 30 Days: Impact of Bitcoin Halving
5 Halving Cycles You Should Know
Impact of the Bitcoin Halving 2024 According to the Largest Financial Companies in the United States
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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