Bitcoin has hit a two-year peak today (Monday, March 4) by rising above $65,000 during the early European hours.
On Monday, March 4, the price surged to $65,537, marking the digital currency’s highest valuation since late 2021 when it hit its all-time peak of $68,999.99.
This significant surge reflects a 300% increase from when Bitcoin dropped to $15,000 following the collapse of the FTX cryptocurrency exchange.
Recently, Bitcoin has reached new record levels in various regions worldwide, including economically strong countries like China, Japan, UK, and India, as well as in emerging markets such as Argentina, Turkey, and Egypt.
A substantial portion of this increase is attributed to the current year, with U.S.-listed Bitcoin funds witnessing a surge in recent weeks. Traders interviewed by CoinDesk believe that ‘the asset is set to surpass its all-time high of $69,000 in March.’
What to expect after the Bitcoin Halving event in 2024?
All this growth is occurring in anticipation of the upcoming ‘halving’ scheduled for April 2024, which recurs approximately every four years (or 210,000 blocks) and entails halving the potential rewards for miners. The last halving occurred in May 2020, reducing the number of newly minted Bitcoins by half, from 12.5 to 6.25.
While the outcome following this event remains uncertain, there is optimism that it could lead to a surge in Bitcoin’s price. Historically, there have been three previous halving events in 2012, 2016, and 2020.
Following the 2012 halving, Bitcoin’s value started rising soon after. During the 2016 halving, the price initially dropped by 10%, then recovered. After the last halving in 2020, Bitcoin demonstrated bullish behavior a year post-event.
Featured image: Photo by Pierre Borthiry – Peiobty on Unsplash
