The cost of Bitcoin (BTC) transaction fees reached an all-time high of $11 million in a day due to heightened network usage as the much-anticipated Halving approaches. Users are hurriedly processing their transactions in preparation for this event, which is predicted to take place in just a few days.
BTC Hash Rate Surges Ahead Of Bitcoin Halving
In addition, the Bitcoin mining hash rate has hit a new record of 625 exahashes per second (EH/s), representing a 4% rise in April. This significant surge suggests increased mining activity as miners aim to earn maximum rewards prior to the upcoming halving event that will decrease block rewards.
The cryptocurrency community and experts have given differing perspectives on what the impact of the approaching Bitcoin Halving could be. Meanwhile, crypto investors are considering if Bitcoin’s recent price increase is merely the start of bigger gains in 2024, fueled by this Halving event that decreases the generation of new Bitcoins.
The price of Bitcoin has historically seen notable increases following each halving event in 2012, 2016, and most recently in 2020. Analysts at Bitfinex are optimistic about another price surge, estimating a potential gain of around 160% within the subsequent 12-14 months, potentially reaching over $150,000. On the other hand, some experts like David Mercer from LMAX Group express skepticism, stating that Bitcoin’s recent upward trend might have already incorporated the effects of the halving event.
Bitcoin Price Crash Continues
In March 2021, Bitcoin’s price reached a new peak of $73,803.25, marking a substantial 60% rise since the beginning of the year. This uptick was driven by heightened interest in newly launched U.S. Bitcoin exchange-traded funds (ETFs) and increased institutional investment. However, analysts at Bitfinex have raised concerns due to Bitcoin’s previous all-time high being set prior to its scheduled halving event, which may complicate market trends.
In the meantime, traders hold varying views regarding the impact of the upcoming April 20 halving on Bitcoin’s price. Some believe it could lead to another significant surge, while others think the event’s influence may have already been factored in. Furthermore, recent bitcoin price drops have fueled growing doubts among some investors.
Currently, the Bitcoin price dropped 4.83% to reach $62,936.44 on April 16, 2024. At the same time, its market capitalization stood at a significant $1.23 trillion. In contrast, the BTC trading volume surged by 6.93%, amounting to $45.86 billion within the previous 24 hours. Nevertheless, this increase in trading activity was primarily due to extensive sell-offs during the market downturn.
Bitcoin Halving Can Cost Crypto Miners $10 Billion In Losses
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2024-04-16 15:39