- Several altcoins recorded impressive gains in the past 24 hours after Bitcoin's rise.
- BRC-20 pre-Runes tokens posted hefty gains on Monday, as many expect them to enjoy the halving effect.
- Runes is set to launch on the same day as Bitcoin halving.
Bitcoin's (BTC) price recovery sparked a price increase across the crypto market on Monday. As anticipation for Bitcoin's halving reaches full swing, Runes, a new Bitcoin-based token standard set to go live in two weeks, is beginning to garner attention in the crypto community.
Also read: Bitcoin breaks past $72,000 for the first time in a month ahead of halving
Bitcoin halving anticipation causing crypto market recovery
After Bitcoin's price briefly broke past $72,000 for the first time in April, several altcoins posted gains, breaking out of the general crypto market stalemate. For example, Ethereum (ETH), XRP, Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) are all up 8.4%, 4.8%, 17.7%, 4.7% and 3.1%, in the past twenty-four hours, respectively.
The recent price surge comes off growing anticipation for the fourth Bitcoin halving, which is eleven days away. The Bitcoin halving, which will reduce the inflationary rate of Bitcoin by 50%, will see miners facing a depletion in mining rewards.
After every halving event, Bitcoin usually records substantial price increases. Due to its high correlation with other assets in the crypto market, several altcoins also follow suit and see significant price growth. Data from CoinGecko shows that Bitcoin and altcoins' prices usually grow to new highs after halving events.
Hence, Monday's buying spree in Bitcoin and altcoins may represent investors' preparation for another potential post-halving bull run. This coincides with a recent prediction by Ripple CEO Brad Garlinghouse, who expects the crypto market to double in size to $5 trillion by the end of the year.
However, Glassnode and Coinbase analysts have said that the halving effect may already be priced into Bitcoin as the largest digital asset broke its previous all-time high for the first time before a halving event.
Read more: Week Ahead: Crypto market outlook could set to change after stale weekend
Runes set to go live on same day as Bitcoin halving
While the Bitcoin halving approaches, BRC-20 tokens are also gaining investors’ attention. Data from CoinGecko shows that the entire BRC-20 tokens market capitalization has increased by 6.4% in the past twenty-four hours. BRC-20 is an experimental token standard that allows the launching of fungible tokens on the Bitcoin network via a tweak on Bitcoin Ordinals, a feature for launching Bitcoin-based NFT.
The inventor of Bitcoin Ordinals, Casey Rodarmor, has also invented another Bitcoin-based token standard, Runes. Casey has said that Runes will allow launching more secure and sustainable fungible tokens on Bitcoin. Runes is set to go live on the same day as the fourth Bitcoin halving, and traders are expecting it to catalyze the launch of meme tokens on the Bitcoin network.
Also read: Bitcoin price tags $69K as BlackRock enhances Wall Street’s presence in BTC market
Many pre-Rune tokens have already flooded the market in anticipation of Runes' launch. The teams behind these tokens plan to airdrop their Rune-based version to users when Rune goes live. Since their launch, several pre-Rune tokens have recorded gains ranging from 60% to 500%.
New market activities and narratives will continue to surface as the Bitcoin halving edges closer with every passing minute.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.