In the last day prior to Bitcoin‘s halving event, crypto assets have gained momentum following a two-week slump. This downturn was instigated by decreased investor confidence due to geopolitical conflicts, Bitcoin miners selling off their holdings, and economic fluctuations.
As of now, the total value of all cryptocurrencies is approximately $2.35 trillion, and the amount exchanged among them during the past day was around $112 billion – a 2.5% rise. Some experts believe that the upcoming Bitcoin halving event could lead to a new bull market.
Crypto Assets March Uphill
Crypto asset profits are noticeable in the prices of Bitcoin, alternative coins, and meme coins after a significant market bounce back. Currently, Bitcoin is valued at $65,167, having dropped below $62,000 previously, which has reduced investor enthusiasm for the broader market.
Bitcoin has increased by 3.89%, reversing its monthly loss to a 3.71% gain, while it currently shows a weekly decline. Ethereum (ETH) rose by 1.82% and is now priced at $3,107. Notably, Ethereum experienced significant outflows once it surpassed the $4,000 mark. In the previous week, investment products associated with Ethereum saw substantial withdrawals.
The weekly setback for Ethereum remains significant at 12%, with monthly departures decreasing to 4.2%. In contrast, Solana (SOL), often referred to as a preferred asset for institutional investors, currently trades at $145, representing an 8% increase in the past 24 hours. Despite previous losses, Solana is among those performing better than the market right now.
Why The Reversal?
Many cryptocurrencies are experiencing significant gains today, with some surpassing the 10% mark. The shift in investor attitude has analysts attributing these upward trends to the impact of Bitcoin’s halving event on the crypto market. According to CryptoQuant’s latest findings, Bitcoin miners have lessened their selling pressure.
Miners probably prepared their positions before the halving event, which occurred several months ago, contributing to the price decrease. A decrease in miners and whales transferring assets to exchanges is a positive sign for cryptocurrencies. Additionally, the widespread anticipation of the halving and recent accumulation of crypto assets have likely led to the current price increase.
However, a report by JP Morgan projects reduced value in crypto assets after the Bitcoin halving.
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2024-04-19 17:24