Bitcoin approaches record price – what is behind this remarkable trend?
Bitcoin Surpasses $69,000 – What Triggered the Price Surge?
Bitcoin hit a value above $69,000 on Thursday, marking a 5% increase in the last 24 hours and currently holding at $69,139. The main reason behind this jump is the upcoming Bitcoin halving.
What is the Bitcoin Halving?
The Bitcoin halving is a significant network event that involves reducing the amount of BTC miners receive for producing a new block. The next halving event is scheduled for April 20 and is already impacting the price of Bitcoin, which hit a new all-time high in March – $73,737.
Bitcoin’s Price Development
Bitcoin has been experiencing dynamic price increases, especially since setting the previous all-time high in November 2021. The observed price hikes are associated with both expectations for the halving and the overall increase in activity and demand for this cryptocurrency.
Cryptocurrency Market’s Reaction to Bitcoin’s Surge
The rise in Bitcoin prices has also triggered similar reactions in the market for other cryptocurrencies. Ethereum rose by nearly 4% to reach $3,415, Dogecoin gained 6% reaching $0.186, and Binance Coin was the biggest gainer among the top 10 cryptocurrencies, with an 8% increase to $597.
Bitcoin’s Price Surge Boosting Other Cryptocurrencies
Two of the biggest gainers among the top 100 by market capitalization have strong ties to Bitcoin. ORDI, a token created through the Bitcoin Ordinals protocol, gained almost 15% reaching a price above $64. Meanwhile, Bitcoin Cash, a Bitcoin fork, saw around a 12% increase to $644 after its own halving this week.
