By
Temitope Olatunji
April 24th, 2024
With approximately three days before the 2020 Bitcoin halving, BTC price is hovering around $10k with the bulls easily flexing their muscles against the bears.
With approximately 79-hours for the function ‘GetBlockSubsidy’ on the Bitcoin blockchain code to execute the halving to 6.25 coin reward, the BTC price has reached the $10,000 level but has gone down a little bit. Only 3 days are left before the long-awaited Bitcoin halving 2020.
It’s Friday, and the fun is expected to continue over the weekend by most crypto enthusiasts when volatility is expected to hit a new level due to the market hype.
The aggregate number of confirmed transactions in the past 24 hours was 333,902, which has risen by over 100K in the past two months. The asset has seen its capitalization spike to over $183 billion, and its past 24-hour volume grew to $62.1 billion. At the time of reporting, it is trading at $9.963.75, having experienced a change of over 4.19%.
Coincidentally, BTC halving is affecting the altcoin market almost similar to Bitcoin’s. Bitcoin Cash is following it very closely with a change of over 5% in the past 24-hrs. BCH is a result of a hard fork of Bitcoin that took effect on August 1st, 2017 to increase the block size to 8MB. The altcoin has later been hard forked to Bitcoin SV and Bitcoin ABC.
Other altcoins like ETH and XRP are closely following the bull rally, although not being directly connected with the 2020 Bitcoin halving event that is to happen in a couple of days.
The rally has been so smooth that the bulls have been acting on previous resistance levels with much ease. So far so good, the price has been rising as predicted by most analysts and also according to the majority of the holders, who are anticipating the asset will reach a new all-time high.
3 Days before Bitcoin Halving: Mining Activity
Another notable thing is that miners have been accumulating BTC in the recent past waiting for the price to rise, to offset the loss they made when the price crashed to around $5K in the first quarter. Bitcoin miners make a significant number of sellers daily, disposing of around 1,800 BTC to keep their business up and running.
With the miners holding and a significant number of whale holders increasing by the day, the pre-halving rally was imminent. However, what is not guaranteed from several analysts is the post- halving immediate rally. Whereby using historical analysis of the past halving events, it took months if not a year to reach a new peak.
The 2020 BTC halving event is more subtle than previous halving events on the blockchain since more critical fundamentals underlie its analysis. Among them is the nature of coronavirus being new and unpredictable in regards to the near future. Whereby the virus has infected nearly 4 million people globally and threatening to kill more if not tamed soon.
However, on the positive note is that the instrument has been showing signs of being a safe haven in this time of crisis. With an example being given that the Americans who invested their $1,200 stimulus bonus with Bitcoin now it’s worth almost $2,000 in less than two months.