In the latest update shared by Crypto enthusiast X user, insights into the upcoming Bitcoin (BTC) halving event were highlighted. According to the provided information, BTC recently reached block number 817,062, with its value pegged at $35,810.
The update delved into historical data, revealing the past price movements of BTC during previous halving events. Notably, on January 14, 2015, Bitcoin traded at a modest $176. Subsequently, the cryptocurrency experienced a significant surge, only to dip to a low of $3,185 on December 15, 2018, during the subsequent halving.
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The latest recorded low occurred on November 9, 2022, at $15,758, speculated to be the bottom for the upcoming halving event. Since this point, BTC’s value has experienced substantial growth, reaching $36,612.18 at the time of the report.
Analyzing CoinMarketCap data, it was noted that BTC exhibited a minor 0.66% gain over the last 24 hours. However, on a weekly basis, the cryptocurrency was still in the red, showcasing a 1.42% decline.
Despite a daily slip in dominance by 0.19%, BTC maintained a robust position in the market, boasting a dominance level of 51.45%. This performance contrasted with other cryptocurrencies, as BTC outperformed them during the recent trading day.
Looking ahead, the Bitcoin halving event, anticipated in April 2024, is expected to halve mining rewards for Bitcoin miners from 6.35 BTC to 3.175 BTC per block. This event, coded to occur approximately every 210,000 blocks or four years, marks the fourth instance of a reduction in mining rewards on the Bitcoin network.