Bitcoin before halving: record growth and intriguing investor movements
Bitcoin Breaks Records in 2024
Bitcoin, the most popular cryptocurrency in the world, started the year 2024 with a spectacular increase, reaching a new all-time high of $73,750, representing a growth of over 73% in the first quarter of this year. No other financial asset can match such a rapid pace of growth.
Major Investors Accumulating Bitcoin
The unprecedented price surge of Bitcoin has prompted the largest cryptocurrency investors to continue accumulating this asset in the first three months of 2024, demonstrating their confidence in the profit prospects ahead of the upcoming event – the halving. Owners holding between 100 to 100,000 BTC purchased an impressive amount of 319,310 BTC worth $21.6 billion.
Confidence Building Before the Halving
A significant portion of the newly acquired tokens came from small traders who sold 105,260 BTC worth $7.2 billion. While these players decided to sell, major investors showed conviction in Bitcoin’s future, increasing the market share of large BTC holders by 1.4%, which is a positive signal ahead of the upcoming halving scheduled for April 19, 2024.
Bitcoin Halving and Its Impact on the Market
The Bitcoin halving involves halving the rewards for miners, a phenomenon that occurs every 4 years. It is seen as beneficial for the asset’s scarcity, contributing to its long-term value growth in the market. Therefore, the upcoming halving in April is raising great hopes among investors.
Current Market Situation of Bitcoin
The current price of Bitcoin is around $67,521. Despite a minimal decrease over the last day (-0.01%) and the last seven days (-3.51%), this cryptocurrency has recorded an impressive 6.43% monthly increase and a staggering 140.65% increase since the beginning of the year.
Bitcoin currently has a market capitalization of $1.33 trillion, confirming its position as the largest digital asset in the world. Despite market volatility, investors still believe in Bitcoin’s growth potential and the prospects associated with the upcoming halving.
