Bitcoin experienced another halving event following the year 2020, reducing miner rewards to 3.125. Unless significant changes occur, the next halving is expected in 2028. What’s happening in the market after the BTC halving?
How Much is Bitcoin Now?
Approximately one hour before the halving, the BTC price spiked to $63,000. Following this price level, BTC recovered and is currently trading at $63,800.
This price indicates a 1% drop in BTC over the last hour. Over a 24-hour period, BTC shows a 1% increase. BTC’s market cap has risen to $1.25 trillion.
A more significant change occurred in the 24-hour trading volume, which increased by 41% possibly due to the halving, surpassing $50 billion.
Latest on Altcoins
While these developments occur in Bitcoin, eyes are also on the market’s high-volume altcoins. Ethereum, the closest follower of Bitcoin and the king of altcoins, continues to trade at $3,029 after a 1.29% drop over the last hour.
It’s important to remember that about a month ago, ETH’s price was above $4,000. Additionally, ETH’s market cap has fallen to $364 billion. The 24-hour trading volume has risen by 37%, surpassing $20.5 billion.
Things do not seem to be going well for SOL after the halving. SOL has seen a 1.48% decrease over the last 24 hours, despite a 1% increase, trading at $141 currently.
Binance‘s native token, Binance Coin (BNB), also lost in the last hour, trading at $552 after a 0.57% drop.
One of the market’s biggest uncertainties, XRP, was also declining. After a 1% drop, XRP is trading just above $0.5000, a crucial level for it.
The undisputed number one meme coin, DOGE, aligned with the rest of the market, dropping 1% in the last hour to $0.1546.
DOGE shows a positive 3.58% in the last 24 hours, positioning it as the top earner among the top 10.
Lastly, when examining SHIB, dubbed the Dogecoin killer, it also experienced a decline, trading at $0.00002281 after a 0.28% drop in the last hour, indicating it was not significantly affected by the halving and that the SHIB army continues to support the token.
