Bitcoin briefly reached $63,000 before stabilizing, while Ethereum experienced a slight drop to $3,029. The market is showing mixed results following the Bitcoin halving event.
After the Bitcoin halving event in 2020, miner rewards have been reduced to 3.125. Barring any major changes, the next halving is anticipated in 2028. As for the market’s response post-BTC halving, it’s still unfolding.
Bitcoin’s Pre-Halving Surge and Current Trading
Approximately one hour before the halving event, the price of BTC surged to $63,000. Following this peak, BTC saw a slight decline and is currently trading at $63,800.
This price marks a 1% drop in BTC’s value over the last hour, although it still reflects a 1% increase over a 24-hour period. Additionally, BTC’s market cap has risen to $1.25 trillion.
A notable change occurred in the 24-hour trading volume, which surged by 41%, exceeding $50 billion. This increase is possibly attributed to the halving event.
Altcoin Market Analysis
Ethereum (ETH) Performance: Ethereum, often considered the leading altcoin, is currently trading at $3,029 following a 1.29% drop in the last hour. Despite this, it’s worth noting that just a month ago, ETH’s price was above $4,000. Additionally, ETH’s market cap has decreased to $364 billion, while the 24-hour trading volume has surged by 37% to over $20.5 billion.
Solana (SOL) Post-Halving Performance: Solana (SOL) has seen a 1.48% decrease over the last 24 hours, despite a 1% increase, currently trading at $141. This indicates a challenging period for SOL following the halving.
Binance Coin (BNB) Movement: Binance Coin (BNB) also experienced a decline, trading at $552 after a 0.57% drop in the last hour.
XRP Uncertainty: XRP faced a 1% drop, trading slightly above $0.5000, an important level for its stability.
Dogecoin (DOGE) and Shiba Inu (SHIB) Performance: Dogecoin (DOGE) declined by 1% in the last hour to $0.1546 but showed a positive 3.58% change in the last 24 hours, making it the top earner among the top 10 coins. Shiba Inu (SHIB) also experienced a slight drop, trading at $0.00002281 after a 0.28% decrease in the last hour. Despite this, SHIB appears to be resilient, indicating continued support from the SHIB community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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