In the past few weeks, the cryptocurrency market may have gone through a period of horror, but things have changed this week. Most of the reversal of fortunes may be related to the upcoming Bitcoin halving event.
Why did you jump suddenly?
Due to the market crash caused by the coronavirus, the world’s largest cryptocurrency by market capitalization has been in a downturn in the past few weeks, but it now appears to be expected to reach its previous level. This morning, Bitcoin rose by 1.9% to reach a token of $9,099, which is a good start considering that it rose by 15% yesterday.
Any major rally in Bitcoin will usually follow the rally in other cryptocurrencies, which is exactly what is happening today. Other major cryptocurrencies such as Bitcoin Cash and Litecoin recorded gains for the third consecutive day.In the past few weeks, price movements in the crypto space have been Sync with other asset classes Are classified as risky. However, things have changed drastically this week.Encryption experts suggest that Bitcoin’s rise may be related to Halving event This will be held in May this year.
The halving means that the rewards of Bitcoin miners have been cut by 50%, and once this happens, it usually results in a reduction in the supply of BTC tokens in circulation. Many analysts are considering whether cryptocurrencies will collapse at this time. In fact, it is important to point out that in the past half of the days, cryptocurrencies have shown significant bearish price movements.
Having said that, it is also necessary to point out that it is difficult to predict whether BTC will rise or fall on the day of the calming event. However, it should be remembered that a few months after the first two halving events, Bitcoin continued to rebound strongly.
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