Last Updated on June 5, 2024
Bitcoin is the cryptocurrency that is growing at a faster pace with various deals and contracts every week on its way to the 2024 half. This highly anticipated half-reduction is expected, and it will decrease the block reward from 6.25 BTC to 3.125 BTC. The massive hype and speculation in the cryptocurrency market ape is also taking off here for this event. The Staking Sector and Data on Halving, Data on the Halving Staking Activity and Block Rewards
Market Performance and Predictions
Bitcoin recently crossed a significant milestone, hitting new all-time highs. According to several macro analysts, Bitcoin could reach $110,000 by July 2024 and even $150,000 by early 2025. This optimistic outlook is driven by historical trends where Bitcoin prices have surged following past halving events.
Mining and Network Activity
Some Bitcoin Halving gurus have recently revealed that the Bitcoin mining difficulty is very high, with no less than seven means of halving. To get the latest up-to-date information about what is going on, the miners make drastic moves to the ongoing event and rehash the old churning reward to 6.25. This increase challenged resulted from the increased power of labour and the use of more advanced hardware, plus an increased level of competition that led the miners to work extra hard. Even though the upcoming halving of block rewards is expected to affect the network, it’s worth pointing out that most of the people in the industry believe the miners will come up with newer ideas to cut costs and probably use renewable energy. This may include using stranded energy or making the switch to renewable energy.
Institutional Adoption and New Projects
To a certain point, making it possible to channel would contribute massively to the current rally and that is the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong. This move has opened the door to the major involvement of institutional structures, such as even beyond the traditional retail market. Again, macroeconomic factors like the softening of the monetary policy and geopolitical tensions have fuelled the argument for using Bitcoin as a hedge, as well as a store of alternative value, and causes, and also using BTC deposit in egaming sites.
In general, the 2024 post halving forecast, an increase in interest in investing industries, and the retouching of mining methods give Bitcoin an incredible chance of soaring to the moon in the upcoming months. However, it’s worth noting that the real market situation always includes a precautionary note for investors to warn them of the uncertainty surrounding the market.
References:
- Investor Place: https://investorplace.com/2024/01/11-spot-bitcoin-etfs-received-sec-approval-heres-the-complete-list/
- Bitcoin blockchain: https://www.blockchain.com/explorer
Disclaimer: The content of our articles is for informational purposes only and should not be considered financial advice. We are not licensed financial advisors. All investment decisions are your responsibility. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment choices.
Cristiano has contributed as a freelance writer to several forex and crypto magazines in England. Since 2010, he has been actively engaged as a crypto investor and gambler. Currently residing in Malta, he works as a crypto journalist.
