Bitcoin’s (BTC $34,350) market dominance has reached 54%, its highest in the last 30 months, indicating the top cryptocurrency is strengthening just before the halving event scheduled for April 2024.
The Bitcoin halving is an event in which the mining reward per block is halved, thus cutting the supply of the asset amid growing demand and leading to bullish price momentum. The Bitcoin halving occurs every four years, and the next halving in 2024 will reduce the BTC mining reward from the current 6.25 BTC to 3.125 BTC. As the total supply of Bitcoin is fixed at 21 million, the halving of BTC mining rewards creates a supply-demand gap that lowers the influx of new BTC into the market.
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Bitcoin’s (BTC $34,350) market dominance has reached 54%, its highest in the last 30 months, indicating the top cryptocurrency is strengthening just before the halving event scheduled for April 2024.
The Bitcoin halving is an event in which the mining reward per block is halved, thus cutting the supply of the asset amid growing demand and leading to bullish price momentum. The Bitcoin halving occurs every four years, and the next halving in 2024 will reduce the BTC mining reward from the current 6.25 BTC to 3.125 BTC. As the total supply of Bitcoin is fixed at 21 million, the halving of BTC mining rewards creates a supply-demand gap that lowers the influx of new BTC into the market.
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