Bitcoin experiences a resurgence, nearing the $69,000 mark as the halving event draws near.
Bitcoin makes a recovery, nearing the $69,000 mark as the halving event draws closer.
Bitcoin is experiencing a price rebound after a difficult start to the month, with the highly anticipated halving event just under two weeks away.
Bitcoin is recovering after a period of stability to start April, bouncing back above $69,000 on Thursday ahead of the networkâs upcoming halving event expected in a few weeks.
Bitcoin rebounds to $69,000
In the last 24 hours, Bitcoin has surged by 5%, hitting $69,100. This marks a reversal from a three-day trend where the leading cryptocurrency dropped below $70,000, almost reaching $65,000 on Tuesday, before bouncing back on Thursday.
Bitcoin Chart
Bitcoinâs halving event occurs every four years to reduce the amount of BTC miners receive as a reward for successfully producing a new block. Its aim is to slow the increase of the circulating supply and curb inflation, often associated with an increase in asset prices.
With the next halving event scheduled for April 20, Bitcoinâs price surged in March to a new all-time high of $73,737, skyrocketing multiple times throughout the month as it continued to climb higher. The previous all-time high for Bitcoin was set in November 2021 at around $69,000.
Timing of Bitcoin Halving Event
The estimated date for the halving event has changed in recent weeks, as the event is tied to a specific block on the network, as well as Bitcoinâs activity and demand helping determine the networkâs speed at that time. Currently, it is scheduled for April 20 or 4/20, with some notable memes fitting well with the current price level, along with some other memes.
Bitcoin Halving
Bitcoin's recent price surge has led to corresponding fluctuations throughout the market, with daily increases of around 4%, according to data from CoinGecko. Ethereum (ETH) saw a rise of nearly 4% to $3,415, while Dogecoin (DOGE) surged by 6% to $0.186. Binance Coin (BNB) emerged as the strongest performer among the top 10 cryptocurrencies, experiencing an 8% increase to $597.
Related: Surge of Bitcoin Exiting Coinbase Exchange Unexpectedly
Two of the top gainers among the top 100 cryptocurrencies by market capitalization have strong ties to Bitcoin. ORDI, a BRC-20 token created via the Bitcoin Ordinals protocol, surged by nearly 15% in a single day, reaching a current price above $64. Similarly, Bitcoin Cash, which was forked from Bitcoin, experienced a rise of approximately 12% to $644 following its own halving event earlier this year.
