Bitcoin’s price is staging a recovery after a sluggish start to April, regaining ground above the $69,000 mark on Thursday, as the highly anticipated halving event approaches within a fortnight.
Over the past 24 hours, the price of Bitcoin has surged by 5%, reaching $69,139. This reversal comes after a three-day decline during which the leading cryptocurrency, by market capitalization, dipped below $70,000 and nearly touched $65,000 on Tuesday before rebounding.
The Bitcoin halving, a significant event occurring every four years, entails a reduction in the amount of BTC awarded to miners for successfully adding a new block to the blockchain. It aims to moderate the growth of the circulating supply and mitigate inflation, typically correlating with an uptrend in the asset’s price.
In anticipation of the forthcoming halving, currently scheduled for April 20, Bitcoin’s price soared in March, hitting a new all-time high of $73,737. Throughout the month, Bitcoin witnessed multiple surges as it steadily climbed upward, surpassing its previous record set in November 2021 around the $69,000 threshold.
The halving’s estimated date has fluctuated recently, as it hinges on specific network blocks, influenced by Bitcoin activity and demand. Presently, it’s anticipated on April 20, coinciding with the popular meme date, aligning humorously with the current price, itself featuring another meme-inspired number.
Bitcoin’s upward momentum has predictably triggered positive movements across the market, with the broader cryptocurrency market up by approximately 4% according to CoinGecko data. Ethereum (ETH) is up nearly 4% to $3,415, while Dogecoin (DOGE) has surged by 6% to $0.186, and Binance Coin (BNB) tops the gainers among the top 10 coins with an 8% rise to $597.
Additionally, two significant gainers within the top 100 cryptocurrencies by market capitalization are closely linked to Bitcoin. ORDI, a BRC-20 token minted via the Bitcoin Ordinals protocol, has surged by nearly 15% to a current price above $64. Meanwhile, Bitcoin Cash, forked from Bitcoin, has gained approximately 12% to reach $644 following its recent halving event.
