By
Chimamanda U. Martha
April 24th, 2024
At the time of writing, its market price was trading around $10,866.30. Notably, Bitcoin was up 32.5% in the past 12 months, down 5.9% in the past 30 days, and up 1.6% in the last 24 hours.
Bitcoin, the mother of all cryptocurrencies, is counting down according to its predicted structure. The asset, created by an anonymous group 11 years ago, has hit 18.5 million Bitcoins (BTC) in circulation. Notably, there are 2.5 million Bitcoins to be mined before the exercise is closed by 2140, but of key importance is the fact that half of that part of Bitcoin supply will be mined by May 07, 2024.
Already, three halvings have taken place as of the time of publication, thus giving us data to analyze and predict the unknown from the known.
However, over a decade period, a lot has happened that has significantly changed the scope of the digital market.
Notably, with the onset of the coronavirus pandemic; retail traders, institutional investors and also governments are rushing to digital transactions and investments where bitcoin largely dominates.
According to figures provided by CoinMarketcap, the global market capitalization for digital assets as of the time of writing stood at $348.1 billion. Bitcoin had a market capitalization of $201,047,320,237, and a daily trading volume at $44,011,847,060.
Hereby indicating the mother coin holds a huge portion of the global share, approximately 61.17% according to TradingView.
Although the figure has decreased from 100% in the past 10 years, its global adoption has skyrocketed.
Bitcoin Supply and Its Critical Fundamentals
As the supply of Bitcoin decreases over time, by half every four years after prior halving, its market price is expected to rally if current fundamentals prevail.
At the time of writing, its market price was trading around $10,866.30. Notably, Bitcoin was up 32.5% in the past one year through yesterday, down 5.9% in the past 30 days, and up 1.6% in the last 24 hours. With 88.1% of the Bitcoin supply already mined, the mining industry which greatly controls the Bitcoin market price is expected to experience several changes.
Forward, analysts expect bitcoin mining industry to rise in other continents and countries away from Asia and China.
With institutional investors feeling more confident to put a huge portion of their money in the Bitcoin industry, its future only becomes more illuminated.
As a result of increased institutional investors, the blockchain industry is set to see another level of adoption globally. Bitcoin and its blockchain has inspired all other crypto projects, as they try and solve any challenge that Bitcoin is falling short.
As a result, the personal utility of over 1000 digital assets will derive their future value.
Notably, with the more investors flocking into the crypto market, governments are rushing to regulate and also issue state-controlled coins known as CBDCs.