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Bitcoin (BTC) transaction fees skyrocketed to a record-breaking $11 million in a single day as the much-anticipated Halving event draws near. This increase reflects the heightened activity on the Bitcoin network as users rush to secure their transactions before the Halving, expected to occur in a few days. Here are the details!
BTC Mining Hash Rate
The hash rate, a measure of computational power in Bitcoin mining, also reached an all-time high of 625 exahash (EH/s) per second. This marks a significant 4% increase in the hash rate throughout April. Furthermore, miners are ramping up their activities to maximize their rewards before the Halving reduces the block reward. Stakeholders and analysts in the cryptocurrency industry offer diverse views on the potential outcomes of the upcoming Bitcoin Halving.
Additionally, cryptocurrency analysts are still puzzled whether the recent surge in Bitcoin, due to the upcoming Halving event that will slow down the creation of new Bitcoins, is just the beginning for 2024. Previous Bitcoin Halving events in 2012, 2016, and 2020 led to significant price increases. Bitfinex analysts predict that the price could surge by 160% in the 12-14 months following the Halving, potentially exceeding $150,000.
Analyst Views on Bitcoin
However, experts like David Mercer from LMAX Group are skeptical about the repetition of past bull runs. In this case, the impact of the Bitcoin Halving might already be factored into Bitcoin’s recent climb. Recently, Bitcoin’s price soared by 60% since January, reaching a record high of $73,803.25 in March. The rise was fueled by excitement over new U.S. spot Bitcoin ETFs and institutional investments. According to Bitfinex analysts, the anomaly of Bitcoin reaching an all-time high before the Halving adds uncertainty to market dynamics. Nevertheless, analysts await the April 20 Halving with mixed expectations.
It remains divided whether this will trigger another meteoric rise or if the effects of the event have already been priced into Bitcoin’s trajectory. Moreover, the recent BTC price crash has heightened doubts. At the time of writing, Bitcoin’s price had fallen by 4.83% to $62,936.44 on Tuesday, April 16, 2024. Meanwhile, the market cap was $1.23 trillion. On the other hand, BTC trading volume in the last 24 hours rose by 6.93% to $45.86 billion, but this increase was triggered by major sales amid the crash.
