- Bitcoin wallets with 1,000 BTC or more surge as investors get ready for the impact of the halving.
- If history repeats itself, Bitcoin price could rally to new all-time highs.
- Ethereum settles above the critical $200 level while Ripple holds above initial support at $0.21.
Bitcoin price has been steady in its recovery since the Crash to $3,800 on March 12. Last week, the largest cryptocurrency by market capitalization made it above $9,000 and even closed in on $9,500. It goes without saying that despite the Coronavirus-triggered market crash, Bitcoin has been performing incredibly well in comparison to traditional market assets such as gold, stocks and oil.
Bitcoin halving at the periphery
Bitcoin has drawn closer to its third halving. The event, discussed far and wide in the industry will ensure that the reward miners get per block mined is reduced from 12.5 to 6.25 BTC. Halving is set to significantly cut the supply of new coins entering the market. While supply narrows, demand is set to remain the same or even increase. For this reason, investors across the board are anticipating a rally in the price of Bitcoin. The past two halvings saw Bitcoin hit new all-times highs and if history repeats then this halving could push Bitcoin not only above $10,000 but also to new levels past $20,000.
Also read: Bitcoin Price Analysis: BTC/USD surge to $10,000 pre-halving imminent? – Confluence Detector
Bitcoin wallets with over 1000 BTC surge
Bitcoin whales appear to becoming coming back following the devastating slump in price in March. The data by Glassnode indicates that the number of Bitcoin wallets with 1,000 BTC or more have seen an upsurge in the last couple of months.
The growth in the number of whales is attributed to the halving event in four days. However, some analysts argue that this could be a perfect way of making a squeeze on the halving day which could also result in a crash.
Ethereum and Ripple market update
Ethereum price has recovered by over 56% since the crash on March 12. On the upside, a recent high marked the end of the incredible surge. Meanwhile, support has been established at $195 with $200 standing out as a critical zone as well. At the time of writing, Ether is valued at $206 and battling the selling pressure at $210. The short term goal is to clear the hurdle at $220 while the main goal is trade above $300 in the medium term.
Read more: Ethereum Price Analysis: ETH/USD shoots above $200 ahead Bitcoin halving triggered breakout to $300
Ripple, on the other hand, the other is trading 58% higher from the lows posted in March. The new April highs at $0.2350 is now the main resistance. Farther upwards, $0.24 is home to a great deal of bearish pressure. Other resistance zones that must come out of the way include $0.25, $0.28 and $0.30. On the downside, initial support lies with $0.21 ahead of the next target at $0.2050.
Read more: Ripple Price Analysis: XRP/USD delays triangle breakout, retests key support at $0.21
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
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin 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 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.