Bitcoin Halving Is Getting Closer, Estimated 333 Days Away as It Looks to Effect All Crypto Assets Positively
- Bitcoin will be experiencing a halving event in May 2020
- This is expected to have a positive effect not only in Bitcoin but in the whole crypto market
Bitcoin (BTC), the most popular digital currency in the market, is going to be halving in May 2020, which is expected to have a positive effect in the market. In general, before and after a Bitcoin halving event, the price of the most popular digital currency tends to substantially increase. With Bitcoin's price growing and expanding, the whole market is expected to grow as well.
Bitcoin Halving Bullish For The Whole Space
There are several virtual currencies that every some time experience a halving. That means that the rewards that miners receive for processing transactions gets reduced. In the case of Bitcoin, every four years there is a new halving event that reduces the number of coins that miners receive for doing their work.
In less than a year, Bitcoin is going to be experiencing a halving, which means that the number of coins that miners receive will drop from 12.5 BTC per block to 6.25 BTC per block. Considering that there are just 21 million Bitcoin ever in existence, this is very bullish for the price of the digital currency if demand for it remains stable or grows. With the nex halving, Bitcoin’s annual inflation is expected to go down from 3.7 percent to 1.79 percent per year.
After the first halving, the price of the most popular digital asset moved from $12 to almost $1,000 a year later, which represents a price increase of 7,976 percent increase. Moreover, in the second halving, the price of the virtual currency soared from $650 to almost $20,000 a year later, yielding a 2,900 percent increase.
With this new halving, Bitcoin can help the whole crypto market. Indeed, other digital assets could experience price increases as well. During the first Bitcoin halving, the altcoin market capitalization moved from $45 million in June 2913 to over $2 billion by December 2013. Before the second halving, the altcoin market capitalization moved from $1.74 billion in December 2013 to $555.91 billion in January 2018.
In general, when Bitcoin grows, many investors place their funds in other projects, in general, altcoins. The link between this Bitcoin halving and the whole crypto market is strong. According to a recent research, prices and volume of cryptocurrencies are highly correlated.
Currently, some months before Bitcoin’s halving, the digital currency is being traded around $10,700 and it has a market capitalization of $190 billion. In the last 24 hours, Bitcoin surpassed $11,100 and the whole crypto space is celebrating this price movement.
Litecoin (LTC), the fourth largest cryptocurrency, is also going to be experiencing a halving event as soon as August this year. The virtual currency has surged from $23 to $142 and the market believes it can keep growing in the near future.
Bitcoin’s price is $46,513.59 BTC/USD exchange rate today. The real-time BTC market cap of $866.12 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $15.05 Billion and live coin value change of BTC 1.82 in the last 24 hours.