Since the halving, 63 blocks have been mined, and bitcoin miners have accumulated substantial fees following a dramatic increase in the fee rate. This surge took the cost per transaction from to over 5, recorded at 9:00 p.m. EDT on Friday evening. Since then fees have dropped and by Saturday morning at 7:30 a.m. […]
Bitcoin News
Bitcoin To $455,000: Expert Echoes Previous Halving Pattern
In the ever-evolving world of cryptocurrency, Marcel Knobloch also known as Collin Brown, a crypto expert has offered an audacious prediction for Bitcoin, foreseeing a significant rally to unprecedented heights post-BTC Halving event scheduled to take happen this month.
Bitcoin Poised For Massive Growth Post-Halving
According to Collin Brown, the fourth mining reward Halving for Bitcoin will take place in the next 48 hours. This event will cut down the current 6.25 BTC per block output to 3.125 BTC per block.
Brown noted that following the last Halving event, Bitcoin witnessed over 700% growth, bringing the crypto asset to its previous all-time high of ,000 achieved at the peak of the 2021 bull cycle. Given the impact of the previous Halving, the crypto expert has predicted the coin will reach 5,000 should BTC mirror this pattern.
The post read:
In just forty-eight hours, Bitcoin’s fourth mining reward halving will occur. This quadrennial occurrence will slash the per-block emission of BTC to 3.125 BTC from the current 6.25 BTC. After the last halving, Bitcoin prices surged 700%, which would now bring 5,000.
It is worth noting that since the cryptic developer of Bitcoin, Satoshi Nakamoto, introduced the coin about 15 years ago, the Halving has been ingrained in the crypto’s program. This year’s event will happen when block 840,000 is created, which might increase BTC’s value by reducing supply.
Historically, the three previous halvings have caused the price of the digital asset to soar significantly, amassing substantial gains. Data shared by Brown shows that following the first halving event, Bitcoin saw a whopping 9,360% rise, topping out around ,135 from .
However, it took the crypto asset approximately 371 days to reach the aforementioned figure after the Halving. Furthermore, the second halving, which occurred in 2016, drove Bitcoin’s price from 0 to ,640, indicating an over 2,920% increase.
Meanwhile, the last instance secured a 700% rally, taking prices from ,626 to the previous peak of ,045. Primarily, it took BTC more than 500 days in the preceding two cycles to reach new records.
Considering the past trends, Brown’s forecast appears to be reasonable and possible. Should any of these trends reoccur, the crypto expert’s prediction might manifest in the following year.
BTC On The Downside
Collin Brown remains optimistic despite Bitcoin showing signs of weakness to retest its new all-time high of ,000. Since reaching its new peak in mid-March, the value of BTC has plummeted by over 10%.
Today, the price of Bitcoin fell sharply, reaching a low of about ,000 and reaching its lowest level since late February. At the time of writing, BTC was trading at ,916, down more than 10% over the past week. While its trading volume has increased by over 20%, its market cap is slightly down by 0.20% in the last day.
The decline in BTC’s price is considered to be triggered by recent geopolitical tensions or global turmoil. The conflict between Israel and Iran caused major sell-offs among investors, leading to a broader market downturn.
Coinbase Anticipates Bitcoin Dips to Be ‘More Aggressively Bought’ Than Previous Cycles
Cryptocurrency exchange Coinbase says bitcoin dips are likely to be “more aggressively bought compared to previous cycles, even as volatility persists during price discovery.” The crypto firm noted that the impact of U.S. spot bitcoin exchange-traded funds (ETFs) and the larger inflow of institutional demand can be seen in the open interest of bitcoin futures. […]
Bitcoin News
Bitcoin Technical Analysis: BTC Eyes Previous Zeniths With Renewed Vigor
On April 8, 2024, bitcoin reached an impressive 24-hour peak of ,573, marking a significant uptrend. With a 24-hour trading volume of .64 billion and a market capitalization soaring to .41 trillion, the cryptocurrency showcases strong market growth. Bitcoin Analyzing the daily chart, bitcoin (BTC) displays a bullish pattern with consistently higher lows and higher […]
Bitcoin News
Bitcoin ETFs Experience Turnaround With $859M Inflows After Previous Outflows
U.S. spot bitcoin exchange-traded funds (ETFs) have enjoyed a streak of positive inflows for four consecutive days, according to the latest figures. This rise in interest comes after a previous week that witnessed five straight days of outflows, totaling a substantial 7.6 million. After a Week of Outflows, Bitcoin ETFs Bounce Back Strong From March […]
Bitcoin News
1,210 ‘Sleeping Bitcoins’ From 2016 Stir After Years of Inactivity, Following Previous Day’s Mysterious Movements
On the final day of January 2024, a series of nine enigmatic transactions emerged from wallets established in 2016. Subsequently, another tranche of 15 transactions from wallets created on that same day in 2016 moved a total of 1,210.41 bitcoin, valued at million. This marked the first movement of these funds in almost eight years.
After the 9 Enigmatic Transactions 2 Days Ago, the Same 2016 Whale Moves a Tranche of Bitcoins Worth Million
In the last three days, an entity that accumulated a significant amount of bitcoins in 2016 has chosen to transfer these assets for the first time in several years. On Feb. 1, 2023, Bitcoin.com News covered the activity of a 2016 whale, highlighting the transfer of 726 BTC across nine separate bitcoin wallets, with each transaction involving slightly more than 80 BTC.
Merely two days following this event, the same individual or entity made another move, this time transferring 1,210.41 BTC worth million (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15). Initially valued at 2,102 when the wallets were established on March 30, 2016, the funds followed a pattern similar to the Jan. 31 transactions, with each of the user’s 15 transfers slightly exceeding 80 BTC.
The breakdown of these transactions saw three executed at block height 828,477, followed by a single transaction confirmed at 828,478. Another trio of transfers was authenticated at 828,479, with an additional single transaction verified at block height 828,481.
Subsequent to these, one transfer was confirmed at block height 828,482, and three others took place at 828,494. Another solo transaction was confirmed at block 828,497, with the final duo of transactions occurring at block height 828,498.
All 15 transfers were discovered by the blockchain parsing tool btcparser.com. Mirroring the transfers from Wednesday, these transactions recieved a privacy score of 55 out of 100, according to Blockchair’s privacy meter. Furthermore, the corresponding 1,210.41 bitcoin cash (BCH), also possessed by the entity, remains untouched.
Additionally, the wallets, which were Pay to Public Key Hash (P2PKH) addresses, simply moved their contents to alternative P2PKH legacy addresses after their initial activity. The reason behind the user’s pattern of transactions remains a mystery, yet it maintains market vigilance as substantial quantities of aged BTC are mobilized after years of quiescence.
What do you think about the 1,210 bitcoin worth million moving in this fashion after all these years? Share your thoughts and opinions about this subject in the comments section below.
Solana’s Rocky Start to 2024 — SOL’s Value Dips Over 6% Amidst Previous Year’s Highs
During the initial week of 2024, the digital currency solana experienced a sharp decline, shedding over 6% in value. This downturn has relegated the crypto asset to the fifth position in market rank, as it oscillates beneath the 0 threshold on Saturday, Jan. 6, 2024.
2024 Brings Chill to Solana’s Market Performance
After surging by over 700% in 2023, solana (SOL) has experienced a cool-off period. In the last week, SOL dipped slightly more than 6%, yet it still boasts a 46% increase against the U.S. dollar over the preceding month.
As of Jan. 6, 2024, SOL’s intraday value fluctuated between a high near 0 and a low of .23, trading at .75 per unit at 12:51 p.m. Eastern Time. Notably, SOL commands significant influence in South Korea’s market, trading at on Upbit and .81 on Bithumb, surpassing the global average of per unit as noted on aggregate market sites.
Tether (USDT) is SOL’s primary pair, constituting over 67% of all solana trades, followed by the U.S. dollar and Korean won, contributing 14% and 8% of SOL’s trade volume respectively, according to data from cryptocompare.com.
Behind them, BTC and the stablecoin FDUSD represent 3.35% and 2.68% of SOL’s trading activity. Currently, Solana ranks fifth in global trade volume, reaching .287 billion in the last 24 hours, though this figure has dipped over 30% from the previous day.
SOL’s market capitalization stands at .30 billion, accounting for 2.387% of the total .73 trillion crypto market value. Despite a commendable 621% rise over the past year, SOL is still trailing more than 63% below its peak of 9 per unit on Nov. 6, 2021.
As the crypto asset navigates the volatile market, its future trajectory remains uncertain, leaving investors to wonder if it will continue as a leading performer in 2024.
What do you think about solana’s market performance this week? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin’s Hashrate Hits Historic 527 EH/s Lifetime Peak, Shattering Previous Records
Recent data, analyzing the seven-day average of Bitcoin’s hashrate, reveals yet another lifetime peak in the network’s performance. On Dec. 20, 2023, Bitcoin’s hashrate climbed to an unprecedented high. The seven-day simple moving average (SMA) indicates that the hashrate hit 527 exahash per second (EH/s), surpassing the former high of 507 EH/s recorded on Dec. 16.
Bitcoin Miners Reap Record Rewards as Hashrate Skyrockets to 527 EH/s
On Wednesday, Dec. 20, 2023, Bitcoin’s total hashrate soared to a new record, as reported by Luxor’s hashrateindex.com seven-day SMA. The hashrate currently stands at 527 EH/s, surpassing half a zettahash per second (ZH/s), which translates to 527 quintillion hashes every second. Over the last 90 days, the average hashrate hovered around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s.
Luxor’s data also reveals that the three-day SMA saw the hashrate peak at 539 EH/s on Wednesday. With block times currently ranging between 8 minutes and 47 seconds to 9 minutes and 31 seconds, the processing is faster than the standard 10-minute average. This increase in hashrate is contributing to shorter block intervals and is likely to lead to a rise in mining difficulty, with projections indicating a 3.11% to 5.2% increase. The next adjustment in Bitcoin’s difficulty is set for Dec. 23, 2023.
At present, about 49 mining pools are contributing to the BTC chain, with Foundry USA leading over the past three days. Overtaking Antpool, Foundry USA now boasts 164.24 EH/s, accounting for 31.76% of the total hashrate. Meanwhile, Antpool, previously the leader in hashrate, now holds 126.51 EH/s, or 24.46% of the total. Combined, these two pools command over 56.22% of Bitcoin’s total hashrate as of Dec. 20, 2023. This December, bitcoin miners have already surpassed previous records in fee earnings for the year.
In November, bitcoin (BTC) transaction fees brought in a record 2 million for miners, but December has already seen them collect a significant 2 million. Moreover, this month’s total earnings from block subsidies and transfer fees have reached 3 million. High priority transaction fees remain over , and there are currently over 300,000 unconfirmed transactions waiting to be processed by miners. To clear the existing mempool backlog, a total of 359 blocks are required.
What do you think about the Bitcoin network reaching a lifetime peak in terms of hashrate? Let us know what you think about this subject in the comments section below.
LUNC Stuns With 300% Gains, Can It Reach Its Previous ATH Market Cap?
The Terra Classic (LUNC) price has been on a tear recently and over the last month, it has managed to outperform almost every cryptocurrency in the market. Its price has risen over 300% in a 30-day period, and this has brought its market cap back over .5 billion once more. As the coin continues to outperform, the possibilities of it returning to its previous all-time high market cap become greater.
LUNC Price Breaks One-Year High
Following the Terra collapse in 2022, the LUNC (then known as LUNA) price crashed completely, going from above 0 to less than . This has continued through the last year especially as the LUNC supply has swelled to over 6.5 trillion.
As the price has plunged, so has the market cap. But with the recovery in price so far, the jump in market cap has come as no surprise. However, it is still a long way from its all-time high market cap of billion which was reached back in 2021.
Now, if LUNC were to return to this all-time high market cap once more, it would be a significant increase from its current price. But it will still be a long way from its ATH price of $0. At a market cap of billion, the price of the altcoin would be just around .007.
This would mean a more than 10x increase from its current price. However, it’ll still be very low compared to its previous price as well as the price of the new LUNA token which was launched in 2023 and is already trading above .
Can Terra Classic Break Previous ATH?
The LUNC community has implemented a burn initiative to reduce the amount of tokens in circulation. This has seen billions of tokens taken out of circulation in less than a year. Data from the LuncMetrics website shows that so far, 83.77 billion tokens have been burned since the burn initiative was introduced in 2022. However, this is only a drop in the ocean of the total token supply which numbers in the trillions.
Nevertheless, the community continues to burn tokens in a bid to drastically reduce the circulating supply. In the last seven days, a little over 5.2 billion LUNC tokens have been sent to the burn address, reducing the supply little by little.
The LUNC price is already far from returning to its past glory, but there is still a lot ahead for the coin. If it continues to perform well in the bull market, a return to the .01 level is a possibility. As the crypto industry grows, the likelihood of top coins crossing the 0 billion market cap becomes even more likely, signaling a better future for the altcoin.
Bitcoin Price Could Flip Bullish In November As It Mirrors Previous Cycles, Analyst
Bitcoin analysts eagerly scrutinize the charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been significant for the cryptocurrency market, as BTC usually gains value, affecting other coins.
According to crypto analyst Miles Deutscher, November promises to be a pivotal month for Bitcoin enthusiasts and investors.
Bitcoin’s Ongoing Sideways Trend Hints At Potential Bullish Shift In November
Market experts suggest that Bitcoin’s stagnant price movement might transition to a bullish trend in November. According to them, this could occur if it behaves similarly to past cycles before a halving event.
For instance, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between Bitcoin’s recent patterns and those observed in earlier cycles.
#Bitcoin’s recent price action is still mirroring the last 2 cycles.
This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.
November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc
— Miles Deutscher (@milesdeutscher) October 10, 2023
He added that around November 21, the price of Bitcoin usually starts going up a lot, getting ready for the next halving event. This date holds significance as a turning point in Bitcoin’s price trajectory.
For instance, in 2015, when Bitcoin’s price was ranging for about six months, it began to go up in November. Similarly, in 2019, the price of Bitcoin didn’t change much for most of the year, but then it started to increase towards the end of the year.
Other Crypto Analyst Predicts Similar Price Projections
Another prominent crypto trader and analyst, Mags, noticed something interesting in Bitcoin’s chart. According to the analyst, Bitcoin’s price is about 60% lower than the highest price it ever reached. This happened around 200 days before its previous halving, just like in 2015 and 2019.
The analyst wrote:
In 2016, BTC was -65% below its ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently -60% below its ATH. So, even if it seems like Bitcoin’s price isn’t moving much, it’s following a similar pattern to previous cycles.
Another crypto analyst, Galaxy Trading, posited a similar prediction for Bitcoin’s price move. The analyst drew attention to 2018-2019 when Bitcoin’s price hit a significant bottom. He noted that Bitcoin could dump or bottom around Nov 10-15 this year if we see a similar price move.
Additionally, lead researcher at Matrixport, Markus Thielen, said that Bitcoin’s price might go up massively by the end of 2024. However, he thinks it will happen for different reasons than what we’re seeing now.
He drew attention to some critical areas in August 2012, December 2015, May 2019, and August 2020. According to him, the bullish market commenced within 12 to 18 months in each case.
However, the Bitcoin halving is around six months away and might occur in late April or May, depending on your countdown timer.
The analysis from different observers is signaling a positive outlook for the price of Bitcoin before the next BTC halving. Meanwhile, today, October 10, BTC trades at ,568, indicating a slight gain in 24 hours with a volume of ,189,678,605.