Bitcoin Overtakes Silver as 8th Largest Asset by Market Cap

12:03 pm, Tue, 12 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin now ranks as the 8th largest asset by market cap, surpassing silver with a market cap of over $1.4 trillion.
  • This milestone underscores Bitcoin’s growing influence and mainstream acceptance as a valuable asset.
  • Bitcoin’s continued rise has seen it overtake major corporations like Berkshire Hathaway, Meta, and nearing Alphabet.

In a monumental development, Bitcoin (BTC) has further solidified its position as a global force by unofficially overtaking silver to become the 8th largest asset by market capitalization. Often shortened as market cap, this refers to either a company or an asset’s so-called total dollar value relative to the rest of the players in its category. This achievement highlights Bitcoin’s truly meteoric rise and increasing recognition as a legitimate investment asset.

Claim up to $30,030 in Bonus

100x Leverage

Indeed, Bitcoin’s current market cap of over $1.4 trillion has propelled it past silver, which currently stands at approximately $1.39 trillion, according to data from www.companiesmarketcap.com. Some experts hold the view that this marks a significant turning point in Bitcoin’s journey, demonstrating its growing appeal to investors across the globe.

The Bitcoin Landscape

This also explains why Bitcoin recently went ballistic and not only broke through its previous all-time high (ATH) price, but set a completely new one at that. Bitcoin is currently trading around $72,000, having recently set that same new ATH. In contrast, silver is priced at approximately $24.66. While Bitcoin saw gains of around 1% today, its recent price surge is a testament to the ongoing bullish sentiment surrounding the leading cryptocurrency.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

The relentless ascent of Bitcoin has not only put it ahead of silver but also enabled it to overtake major corporations. Berkshire Hathaway and Meta (formerly Facebook) now trail Bitcoin in market cap. In addition, Bitcoin is closing in on Silicon Valley giant Alphabet (Google’s parent company), signaling its potential to challenge established market leaders.

No matter what your view of Bitcoin itself or the crypto market as a whole, Bitcoin’s rise to become the world’s 8th largest asset is a remarkable feat that reflects the growing acceptance of cryptocurrencies within the financial mainstream. As its upward trajectory continues, investors and analysts alike will be watching closely to see which milestones it reaches next.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Ascends to New ATH Price of More than $71k

9:24 am, Mon, 11 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin has surged past $70,000 to a new record-breaking high above $71,000, marking another milestone in its price discovery journey.
  • The price is currently hovering around $71,200, with some analysts predicting further upside potential.
  • Bullish sentiment prevails, fueled by institutional inflows, upcoming technical changes, and the potential for even greater adoption of spot Bitcoin ETFs.

No matter what the critics are saying, Bitcoin continues its relentless ascent, this time shattering its previous all-time high (ATH) to reach a staggering price of over $71,000. This remarkable achievement comes just days after Bitcoin surpassed the $70,000 mark for the first time ever, which undoubtedly highlights the ongoing momentum and excitement within the crypto market as a whole.

Bitcoin’s rise above $71k is seen by experts as merely a part of the ongoing process of price discovery within the market. Given that Bitcoin keeps maturing as an asset class, its value proposition continues to gain even wider recognition, which is what attracts new investors and drives demand. Coincidentally, this price surge now has happened alongside a lot of significant developments within the broader crypto ecosystem.

Bitcoin Price Catalysts

Indeed, there are a number of clear potential reasons for Bitcoin’s upward trajectory that has taken it to a new ATH. These include:

  • Institutional Inflows – With continued investment from major corporations and institutions, Bitcoin is gaining a strong foundation for real long-term growth
  • Upcoming Events – The long-awaited Bitcoin halving, as well as other technical developments like Ethereum’s Dencun upgrade, all contribute towards boosting investor confidence
  • Exchanges and ETFs – There is now a much higher level of accessibility to not just Bitcoin but to practically the entire crypto market, which of course keeps driving mainstream adoption

Currently, Bitcoin’s price is hovering around the $71,200 mark, which is a bit lower than the peak price it managed to reach and is indicated of the market’s inherent volatility. For analysts, watching price movements and technical indicators can be useful in gauging the sustainability of this present price rally.

With that said, the overall sentiment with Bitcoin and crypto in general remains quite bullish, and experts have predicted further price appreciation in the coming weeks and months. Time will tell how high Bitcoin can fly this go-around.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Reaches New ATH of $70,000 Before Swift Price Correction

4:22 pm, Fri, 8 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin surges past $69,000 to a new all-time high of $70,000, sparking excitement in the crypto market.
  • A swift correction followed afterward, with Bitcoin dropping nearly 4% back to around $67,000.
  • Market volatility remains high, but bullish sentiment persists as Bitcoin navigates uncharted territory.

Bitcoin has made history once again by reaching a completely new all-time high (ATH) price of $70,000 apiece for the first time. This record-breaking achievement has sent shockwaves through the crypto market, igniting enthusiasm among investors and highlighting Bitcoin’s ongoing price discovery process.

In case you missed it, Bitcoin has been on a tear for the past few weeks, finally managing to break through the $60k barrier before reaching its previous ATH of $69k. And now, it has surprised many by setting a new ATH entirely – although the glory of the new peak was somewhat short-lived.

Claim up to $30,030 in Bonus

100x Leverage

Glory Before Volatility

The euphoria surrounding the $70,000 price mark for Bitcoin was indeed quite fleeting. That is because Bitcoin experienced a swift correction, dropping a small amount in price and settling back around $67,000 – where it is trading as of this writing. This price swing underscores the inherent and ever-present volatility of the crypto market and the potential for rapid price movements.

Despite the recent correction, the overall sentiment within the market remains bullish. Bitcoin’s ability to surpass its previous record high is a significant milestone, and many analysts believe further price appreciation could be on the horizon.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Notably, altcoins have been on an upward trajectory through the week – with Ethereum even approaching and potentially looking to establish new ATH prices of their own.

Now that Bitcoin has ventured into uncharted territory above $67,000, market participants must be compelled to monitor upcoming price movements and overall volatility. Whether Bitcoin can sustain this current momentum and potentially reach vastly higher new highs remains to be seen.

The bottom line is that this historic and pivotal moment will serve as a reminder of the dynamic nature of the market and the potential for significant rewards alongside inherent risks.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

El Salvador’s Bitcoin Stack Now in Profit by Over $50M: Report

12:58 pm, Fri, 8 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • El Salvador’s Bitcoin holdings are estimated to be worth over $150 million, yielding a profit exceeding $50 million.
  • The country’s Bitcoin stash has grown to approximately 2,380 BTC, with an average purchase price of $44,300.
  • President Nayib Bukele highlights the success of El Salvador’s Bitcoin strategy, criticizing previous media skepticism.

It looks like El Salvador’s bold bet on Bitcoin has finally started to pay off. To be more specific, the Central American nation’s cryptocurrency holdings have currently surged into significant profit thanks to Bitcoin’s recent rally and its new all-time high price near $69,000.

This development marks a major milestone for El Salvador, which became the first country to adopt Bitcoin as legal tender back in 2022.

Claim up to $30,030 in Bonus

100x Leverage

El Salvador Profit Details

El Salvador’s revolutionary Bitcoin investment is now worth over $150 million, based on data available from BitcoinTreasuries. This represents a profit of well over $50 million, with the country having acquired approximately 2,380 BTC at an average price of $44,300 per Bitcoin. At Bitcoin’s all-time high price, their holdings were worth $164.7 million – with a 53% increase over their aggregate cost basis.

With El Salvador’s successful Bitcoin bet, discussions about the potential for other nation-states to adopt cryptocurrencies is back on the table. While rumors have circulated about other countries following suit, no official announcements have been made yet.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

With that said, certain industry experts like Samson Mow have predicted that nation-states, alongside corporations and institutional investors, will be key drivers of Bitcoin adoption in the future.

President Bukele’s Perspective

Nayib Bukele, El Salvador’s pro-Bitcoin President, recently took to social media to highlight the success of his country’s crypto strategy. He went as far as to criticize the media’s previous negative coverage during the bear market and emphasized that El Salvador has no plans to sell its BTC holdings. He also pointed to the country’s citizenship-by-investment program, which accepts Bitcoin, as a key driver of demand.

In any case, the country’s pioneering move has definitely made it a focal point for the global crypto community. Whether other nations will follow El Salvador’s lead remains to be seen, but news of its now-profitable stack certainly helps highlight the growing intersection between traditional finance and the world of digital assets.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Shatters $69,000 Barrier, Setting New High Price for 2024

4:52 pm, Tue, 5 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin surpasses $69,000, setting a new record high for the year 2024.
  • The ongoing surge has fueled excitement and non-stop speculation about a potential new ATH.
  • Analysts are watching closely for signs of continued growth or a market correction.

In a surprise to no one – especially those who have been watching closely since last week – Bitcoin has finally managed to achieve its biggest milestone this year yet: surpassing the $69,000 price mark and setting a new high price for 2024. This bullish price action has ignited the broader crypto market and has rekindled hopes for a completely new all-time high (ATH) price.

Claim up to $30,030 in Bonus

100x Leverage

How Much is BTC?

Although it has dipped back slightly since breaking into $69k territory, Bitcoin’s new high for this year has sent ripples through the broader crypto landscape. As the crypto market leader, BTC’s strength is often taken as a bullish indicator for altcoins, potentially fueling further gains across the entire sector. However, it’s worth noting that altcoins do have their own distinct dynamics, with catalysts as well as issues that need to be considered separately.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Major altcoins such as Ethereum (ETH) and Solana (SOL) are widely expected to also experience increased attention and volatility in the wake of BTC’s breakthrough. With that said, it remains to be seen whether they will end up following Bitcoin’s trajectory or simply chart their own paths.

Meanwhile, so-called memecoins like PEPE, DOGE, and Shiba Inu have seen some substantial gains all the way up to today. In the case of PEPE, it has even managed to fully establish itself as one of the top three memecoins of this latest rally.

What’s Next?

The remarkable surge in Bitcoin’s price can only be seen as a significant rebound from its lows in 2022 and 2023. All of this underscores the inherent volatility in the market, and further demonstrates the potential for dramatic price swings – whether upward or downward.

Now that Bitcoin has managed to set a new yearly high, there is both excitement and uncertainty within the crypto market. Whether this marks the brand new beginning of a sustained rally towards much higher ATH prices or serves as just a prelude to a huge correction still remains to be seen. In any case, the world of crypto is worth keeping a close eye on in the coming days and weeks.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Inches Closer to New ATH After Surpassing $67k

9:14 pm, Mon, 4 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin surges over $67k, nearing all-time high with a 7% gain since Sunday.
  • Crypto rally impacts related stocks, with Coinbase and MicroStrategy seeing upward movement.
  • A historic moment looms as Bitcoin prepares to enter uncharted territory, surpassing its previous ATH.

The frenzied Bitcoin price rally continues – as the price of the world’s leading cryptocurrency has finally surged to within striking distance of its all-time high – and seemingly settled on being just a little over $67k in a relentless climb.

Claim up to $30,030 in Bonus

100x Leverage

Since Sunday afternoon, Bitcoin has seen about a 7% gain, and it seems like it will only be a matter of time before BTC smashes through the $69,000 barrier and ventures into uncharted price territory.

Bitcoin Bulls on Parade

The bullish momentum powering Bitcoin’s dramatic ascent is undeniable indeed. The latest surge in price comes hot on the heels of breaking the $65,000 milestone, which highlights the growing excitement around the crypto space as the whole market anticipates a potential new all-time high to be recorded.

It should be noted that the bullishness of Bitcoin itself, along with the rest of crypto, isn’t limited to just BTC’s own price action. Certain crypto-focused stocks like those from Coinbase and MicroStrategy have also seen substantial gains, underscoring the broader impact of Bitcoin’s rise on investor sentiment within the sector.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Uncharted Territory for BTC

If and when Bitcoin inevitably surpasses its previous all-time high of a little over $69k apiece, it will mark a historic moment. Analysts are closely watching for signs of continued growth or potential short-term corrections as Bitcoin enters this truly unprecedented price zone.

In any case, the market is definitely buzzing with anticipation as Bitcoin demonstrates its resilience and potential. Will you be part of this historic moment?

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Breaks New Ground, Surges Past $65k for the First Time in 2024

10:45 am, Mon, 4 March 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin finally surpased the $65,000 barrier, setting a new high for 2024 and fueling excitement about a new potential ATH.
  • This bullish momentum builds on last week’s surge above $60,000, driven by factors like ETF approvals and the upcoming Bitcoin halving event.
  • Analysts and skeptics alike are watching closely for signs of continued growth or potential correction, highlighting the volatility of crypto markets.

Bitcoin has shattered expectations once again, reaching a new 2024 high of $65,000 in a remarkable surge that adds to its already impressive gains. This milestone solidifies the bullish sentiment that carried the number one cryptocurrency back to November 2021 price levels and now raises the question: is BTC poised for a historic climb to a new all-time high (ATH)?

Claim up to $30,030 in Bonus

100x Leverage

This latest price explosion builds upon last week’s dramatic rally that saw Bitcoin break through the $60,000 mark and briefly touch $64,000. It underscores the growing excitement and sense of urgency surrounding the leading cryptocurrency amid an apparent spot ETF mania and increasing institutional adoption.

Correction and Rebound

While a brief correction triggered liquidations across the market, Bitcoin’s resilience remains on full display. The quick rebound to where the price is now fully highlights both the underlying strength of the current bull run and the inherent volatility that comes with the crypto territory.

At the moment, the price of BTC remains over $65k, but it has already dipped briefly back down to the $64k level – although it didn’t stay there long at all.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

In any case, with the $65k barrier conquered, the possibility of a new ATH looms large. There are still several catalysts that are not yet in play, including the hotly-anticipated Bitcoin halving event, which is expected to happen in April 2024.

To add to the above, there is also increasing institutional interest fueled by spot Bitcoin ETFs, as well as a growing wave of retail FOMO that could indeed propel BTC further into uncharted territory.

Only time will tell if Bitcoin is destined to shatter its all-time high, but the current momentum suggests the possibility is stronger than ever.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Breaks $60k Barrier, Inching Closer to New All-Time High

3:45 pm, Wed, 28 February 24

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?
  • Bitcoin shatters the $60K barrier, surging towards $61K with remarkable gains in 2024.
  • Unstoppable momentum: Bitcoin’s price has skyrocketed 18% this week alone.
  • Year-to-date gains are an impressive 40%, fueling bullish predictions for the future of crypto.

The price of Bitcoin has finally shattered the $60,000 mark, surging all the way past $61,000 as unmistakable signs of FOMO propel the leading cryptocurrency towards a potential new all-time high. This dramatic surge comes on the heels of a 18% weekly and 40% year-to-date increase in value.

Analysts have pointed to a confluence of factors driving this remarkable rally. The upcoming Bitcoin halving in April, which will reduce the release of new Bitcoins, historically sparks bullish price action. Additionally, recent US spot Bitcoin ETF launches and developments have opened the floodgates for institutional investment.

Claim up to $30,030 in Bonus

100x Leverage

All Eyes on Bitcoin

As Reuters reports, traders have indeed been pouring into Bitcoin during the recent weeks. In a statement, global markets strategist at retail investment platform eToro Ben Laidler says that Bitcoin is “being driven by the support of consistent inflows into the new spot ETFs and outlook for April’s halving event and June’s Fed interest rate cuts.”

Meanwhile, Antoni Trenchev, cofounder of crypto exchange Nexo, expects resistance near the $69,000 all-time high, CNBC reports. However, he believes the $60,000 breakthrough now re-engages investors who have remained on the sidelines.

Joel Kruger, a market strategist at LMAX group, points out: “We’ve always known that we need bitcoin to get to a place where it’s adopted and accepted on a mainstream level and now the doors have been opened up for that to happen.”

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Scenarios for Continued Growth

If Bitcoin maintains its current upward trajectory, surpassing the $69,000 record and potentially reaching even higher valuations becomes a distinct possibility. Industry experts like Ryan Rasmussen at Bitwise have highlighted that the launch of ETFs has spurred unprecedented levels of demand, and that may continue to push Bitcoin’s price upwards.

With this year’s dramatic resurgence of not only Bitcoin but of the crypto market in general, mainstream acceptance of cryptocurrencies may keep on going. In any case, the recent developments and predictions seem to suggest greater potential for yet another groundbreaking period for Bitcoin and the rest of crypto.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin vs Ethereum:  Comparing the Top 2 Cryptocurrencies

2:09 pm, Wed, 29 November 23

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

In terms of total market capitalization, Bitcoin (BTC) and Ethereum (ETH) are the top 2 cryptocurrencies in the space. Understand that both digital assets have unique features of their own, distinguishable in terms of purpose and functionality.

In this article, we will help you compare and contrast these two cryptocurrencies, Bitcoin and Ethereum. We will also help you see and forecast how they will play out in the future of digital assets.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

What is Bitcoin?

Bitcoin, a digital currency, operates without reliance on central authorities such as banks or governments. Satoshi Nakamoto, a pseudonym, introduced Bitcoin in 2009. Bitcoin has established a significant presence so far as the pioneer and most valuable asset in the burgeoning cryptocurrency domain.

Bitcoin’s goal is to enable decentralized peer-to-peer transactions. In the Bitcoin network, transactions undergo authentication via a proof-of-work consensus mechanism. Bitcoin mining involves users validating transactions on the network. This process confirms the consistency of new transactions with previous ones, ensuring the impossibility of spending non-existent or already spent Bitcoins. This system also incentivizes cryptocurrency miners by rewarding them with BTC for validating transactions.

Mining is the backbone of Bitcoin’s blockchain technology. This feature enables a public, unalterable ledger of transactions, organized into interconnected blocks. The blockchain ensures transactional integrity, maintaining a consistent record across the network.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Bitcoin’s Strengths

  • Cost-Efficiency and Speed – Bitcoin transactions offer significant cost savings and speed. Bitcoin can be used for global transfers, reducing both time and potential costs associated with peer-to-peer transactions.
  • Enhanced Privacy – Unlike traditional transactions, Bitcoin transactions do not record personal information like names or credit card numbers. While wallet ownership can potentially be linked to individuals, Bitcoin transactions generally offer greater privacy than, say, credit card transactions.
  • Decentralization – Bitcoin operates independently of conventional banks, governments, or third parties, presenting an attractive alternative for those wary of traditional financial systems.
  • Growth Potential – Many investors hold Bitcoin with the expectation that its value will increase as it becomes more trusted and widely used. This long-term perspective is based on the belief in Bitcoin’s maturing market and potential for value appreciation.

What is Ethereum?

Ethereum represents a significant evolution in blockchain technology, functioning as a decentralized network backed by the Ether (ETH) token. The platform enables a wide array of activities, such as automated transaction execution, token staking, minting and trading of nonfungible tokens (NFTs), and blockchain games, among others.

Often regarded as the next evolutionary stage of the internet, Ethereum is likened to the transition from Web 2.0 to Web 3.0. It ushered in innovations such as decentralized applications (DApps), decentralized finance (DeFi), and decentralized exchanges (DEXs).

Like Bitcoin, Ethereum transactions are recorded in blocks on the Ethereum blockchain. These transactions are validated by miners. Successful miners receive rewards in ETH, Ethereum’s native cryptocurrency. However, Ethereum is already working on a full transition towards a full proof-of-stake (PoS) consensus model as it shifts to Ethereum 2.0. This step seeks to resolve scalability issues on Ethereum’s blockchain.

Differing from Bitcoin, ETH functions more as a utility token with an infinite supply. Ether is continually introduced into circulation as mining rewards and will also be issued as staking rewards in the network’s anticipated shift to a proof-of-stake (PoS) model.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Ethereum’s Strengths

  • Smart Contracts – Ethereum revolutionizes traditional finance through smart contracts, enabling different functions and services without the need for middlemen. These contracts are immutable once established, ensuring transparency and fairness in transactions without intermediaries.
  • Ease of Acquiring Ether – Acquiring Ether has become increasingly accessible with mainstream financial platforms like PayPal and Venmo allowing users to purchase cryptocurrencies directly within their applications. This integration exposes a vast user base to Ethereum.
  • Access to DeFi services – Many DeFi projects in the cryptocurrency space are developed on top of the Ethereum blockchain. Owning ETH makes it easier for holders to access a wide array of DeFi products and services, such as NFT trading, staking, yield farming, and more.

Comparing Bitcoin and Ethereum

Both Bitcoin and Ethereum are blockchain-based, but they differ significantly in their technical specifications. Bitcoin uses a Proof of Work (PoW) consensus mechanism, requiring miners to solve complex problems, limiting scalability and energy efficiency. Ethereum also uses PoW but is transitioning to Proof of Stake (PoS), which is more scalable and environmentally friendly.

The transaction speed of both is lower compared to traditional payment systems, with Bitcoin at about 7 transactions per second and Ethereum at 15. However, both are developing solutions like SegWit, Lightning Network, and sharding to improve this. Additionally, Ethereum’s use of the Turing-complete language Solidity allows for more complex applications than Bitcoin’s Script language​​.

Bitcoin’s primary role is as a store of value and medium of exchange, with secondary functions including remittances and financial inclusion. Ethereum, however, serves primarily as a platform for running smart contracts and dApps, impacting various industries such as finance, gaming, and healthcare. Ethereum also supports the issuance of various digital tokens and is a key player in the decentralized finance (DeFi) movement​​.

Finally, both cryptocurrencies have seen remarkable price fluctuations. BTC’s price has soared since its inception, reflecting its dominance and adoption but also its volatility. ETH, though younger, has shown rapid growth and innovation, hosting numerous dApps and transactions. However, it faces significant price volatility.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

Future of Bitcoin and Ethereum

The future of Bitcoin and Ethereum will primarily be shaped by their ongoing developments. Bitcoin, established as a digital store of value akin to gold, is likely to continue its role as a major player in the cryptocurrency market. Its fixed supply cap and widespread recognition contribute to its potential as a hedge against inflation and economic instability. However, scalability issues and environmental concerns related to its PoW mechanism may continue to influence its adoption.

Ethereum’s future is geared towards extensive application in decentralized systems, given its transition to a PoS consensus mechanism and focus on smart contracts and dApps. This shift not only addresses scalability and environmental sustainability but also broadens its utility in various sectors like finance, healthcare, and entertainment. Ethereum’s adaptability and innovation, particularly in the DeFi and NFT spaces, position it as a key driver in the advancement of Web 3.0, potentially revolutionizing how we interact with digital services and assets.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.

Bitcoin Halving 2024: Everything You Need to Know About The Recurring Event

6:00 am, Tue, 21 November 23

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

Is Bitcoin in store for a much greater upside by 2024?

  • The 2024 Bitcoin halving will halve mining rewards, affecting Bitcoin’s supply and potentially influencing its market value based on historical price increases post-halving.
  • Previous halvings, particularly in 2020, have led to significant price surges in Bitcoin, though market reactions can be varied and influenced by external factors like the COVID-19 pandemic.
  • Predictions for the 2024 halving range from highly optimistic to conservative, considering factors like market sentiment, institutional investment, and the increasing challenges of Bitcoin mining.

By early-to-mid 2024, Bitcoin (BTC) mining rewards will be cut in half once more in an event commonly known as the “Bitcoin halving.” What does this mean? What implications does it have for the cryptocurrency market? And what should you expect as it happens?

In this deep dive, we will tell you everything you need to know about Bitcoin halving. We will also give you an overview of the things to anticipate about the event based on previous occurrences.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

What is “Bitcoin Halving”?

Bitcoin’s supply is finite. And at its maximum, there will only ever be 21 million Bitcoins in circulation as it is capped at that volume. There are already around 19.5 million Bitcoins in circulation as of this writing. This means that a lot of Bitcoins are still not changing hands yet. They have to be “mined” first before they finally enter the supply.

Mining is done by validating or confirming transactions before they are recorded on the blockchain. To do this, miners compete against each other in solving a mathematical problem. The first one to solve it gets the BTC reward. This process is based on the “Proof-of-Work” model.

However, the reward is designed to be cut in half over time in an event called the “halving.” Every time the mining height reaches 210,000 blocks (or after 210,000 blocks have been mined), the mining reward is halved. Bitcoin began with a mining reward of 50 BTC back in 2009. Then, it was halved to 25 BTC in November 2012, halved to 12.5 BTC in 2016, and then recently, halved to 6.25 BTC in 2020.

The next halving event is expected in 2024 when BTC rewards will fall to 3.125. Some estimates suggest that by 2140, all Bitcoins will have been issued to miners and no new coins will enter the supply.

Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!

What Happened in the Previous Halving Events?

BTC’s price history indicates that halving events bring significantly positive price movements for the coin. During the first halving in November 2012, BTC was just valued at $12. After only six months, BTC shot up to $130, marking an increase of around 980% in a very short span of time.

On the second halving in 2016, BTC hovered at around $660. Six months later, in January 2017, BTC went up to $900, marking up to 36% of growth.

Then, the third halving in 2020 happened. BTC stood at around $8,600 before it more than tripled its price to an all-time high of over $28,000 by the end of 2020.

Halving events are viewed positively by the market because of the effect it has brought on BTC historically. If the trend is to continue, we can anticipate significant price movements for BTC in a few months following the halving. Nevertheless, be careful and remember that every asset’s historical price trend does not completely guarantee its future valuation.

The Bitcoin Halving of 2020

In anticipation of the halving event in 2020, analysts threw around incredibly bullish forecasts for BTC. Some were as far up as $90,000. These predictions were expected to throw more positive market sentiment on the cryptocurrency. Unfortunately, the market did not exactly deliver as expected by some.

The halving event in 2020 proved to be somewhat anticlimactic. That was because, for a while, BTC hovered at only around $9,000. Nevertheless, it was somehow expected because most of the markets at the time were also reeling from the impact of the COVID-19 pandemic. It took a while before BTC reached its 2020 peak at $28,000.

Eventually, the surge in BTC’s price brought more attention to the cryptocurrency market. Some analysts even started painting BTC as a “safe haven” as U.S. stocks tumbled. Jeff Dorman, the Chief Investment Officer of Arca Funds, told CoinDesk that he doesn’t “expect bitcoin to trade as risk-on or risk-off asset.” He adds that “anything that’s inflationary” only “strengthens the purchasing power of bitcoin.”

As all this was happening, the decentralized finance (DeFi) movement gained momentum. While it veered away some of the attention from BTC, it still emphasized its role as a hedge against traditional financial systems and central bank policies. Some analysts believe that it contributed to BTC skyrocketing in value later that year.

What to Expect in the 2024 Halving

Predictions suggest that there is a likelihood for BTC to paint new all-time highs. BitQuant, one of the prominent crypto trading firms, predicts that BTC could set a new all-time high even before the halving event. Post-halving, BitQuant believes that BTC could reach $250,000. Standard Chartered predicts a $100,000 price target for BTC by the end of 2024.

Source: Bitquant prediction

Some other predictions are less bullish, but optimistic nonetheless. Coincodex forecast says that the rally could drive BTC to around $84,100 post-halving. Bloomberg reports, on the other hand, feature analysts offering a more conservative prediction of around $50,000 by 2024.

Others are not necessarily bullish on the next halving event, however. Ahmed Ismail of FluidAI believes that halving might not be the primary catalyst for more BTC upside in the future. According to Ismail, the halving event might already be priced into the BTC market.

Moreover, miners are in store for an increasing challenge in operations. The rising difficulty in BTC mining can potentially put more miners out of business as it becomes less profitable, only earning them 3.125 BTC for block rewards.

Predictions are also dependent on overall market sentiment. Institutional investments are also important for the growth of BTC, which is one of the primary entry points for money flow into the crypto market. If more DeFi developments happen and more use cases for cryptocurrencies are found, bullish predictions are likelier to be accurate.

What Do You Think Will Happen?

While there is a consensus that the 2024 Bitcoin halving will impact prices and market dynamics, opinions on the nature and extent of this impact vary widely. Some predict substantial price increases, while others caution that the effects might already be factored into current prices. The impact on miners and the broader crypto market will also be significant, reflecting the evolving nature of the cryptocurrency ecosystem.

Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass

Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.