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At least a week ago, Bitcoin had been running from $42,000 USD and today it is precisely at $47,940 USD, which shows a very beneficial bullish growth for those who have this cryptocurrency in their wallets.
At the time of writing these lines, the transaction volume reaches the figure of 21.5 trillion dollars. This volume has remained stable over time, causing the price to fluctuate between the $47-48K mark, at least in recent days.
Bitcoin
This represents an increase of 11% compared to the previous week, and what is interesting is that those who have bought even on the rise have benefited from gains. According to Into the Block, 91% of BTC holders have obtained an unrealized profit. This could mean a greater number of people HODLing Bitcoin.
If there is something to mention, it is that in the bullish run of 2021, the market capitalization was 1.28 trillion dollars; today it is 940 billion dollars.
An interesting historical fact I would like to share is that in that year, but in the month of February, exactly on the same day as today, we saw Bitcoin with a price of $47,414 according to Coingecko.
Historical Data of Bitcoin - february, 12 - 2021
This is really interesting because we could see a pattern of behavior or at least it could be considered anticipating what might happen from here on. This year with the arrival of the halving, we should be seeing an increase in price as miners start distributing half of the rewards for validating transactions, which currently stands at 6.25 BTC and will be reduced to 3.125 BTC.
I think there is no doubt about it that investors are preparing for when this moment finally arrives and Bitcoin becomes even scarcer. The estimated date for this anticipated event is April 17 of this year.
Bitcoin Halving Clock
I believe that by then we would not only see that Bitcoin as the main currency will tend to rise, but we should also be able to see the impact on the main altcoins. Just to give an example, we could mention Bitcoin Cash, the fork of Bitcoin, which has had a great momentum these days.
I have seen a rise of more than 12% in a matter of a few hours and today it represents a 3.6% increase since its last price. Could it continue to rise? In my opinion, it could go very calmly looking for the zone of $285 dollars, something that I noticed more than once.
Bitcoin Cash
Not to speculate, but I see enormous potential in BCH as a cryptocurrency focused on payments, whether it's because the block size is larger and transaction speed is fast, I believe it has many opportunities for use. In fact, I think I missed the opportunity to invest by waiting for it to drop to a reasonable price (between $228-$234), but after Bitcoin increased, BCH did as well.
What if we talk about Ethereum? Well, Ethereum has had a 1.4% drop, although it's very close to the $2,500 dollars per unit mark. Precisely $2,491 dollars at the time of writing these lines. It comes from a price increase of over $200, although ETH investors are surely waiting for the main network update called Decun.
According to developers, this update would give Ethereum faster transactions and much lower fees. This last point seems the most important to me because it has always been a big problem to have to pay high costs to access what Ethereum can provide through dApps.
It's not for nothing that there are second-layer solutions that reduce the commission issue and also provide greater flexibility when the network is not so congested.
If we look at it from a historical perspective, every cryptocurrency has had exponential growth over time. Could this be the beginning of another one to talk about?
- Main image edited in Canva.
- I have consulted information in decrypt.co.
- I have used Hive Translator to translate from Spanish to English.
Posted Using InLeo Alpha