The X user Crypto Tea shared an update regarding the Bitcoin (BTC) halving event in a post earlier today. According to the post, BTC reached block number 817,062 yesterday and was valued at $35,810.
Bitcoin halving cycle update pic.twitter.com/xWmk3JgfJ4
— Crypto Tea (@CryptoTea_) November 19, 2023
The post also showed the low prices BTC recorded during previous halving events. On 14 January 2015, the market leader traded for a mere $176. Since then, the largest cryptocurrency in terms of market cap had risen to record a low at $3,185 on 15 December 2018 for the next halving event.
Thereafter, BTC recorded a low of $15,758 on 9 November 2022, which the market believes is the low for this upcoming halving event. The leading cryptocurrency’s value has risen substantially since recording this proposed low point, and was trading at $36,612.18 at press time.
BTC / Tether US 1D (Source: TradingView)
CoinMarketCap data indicated that BTC was also able to achieve a slight 24-hour gain of 0.66%. Despite this, the cryptocurrency was still down on the weekly timeframe. At press time, the market leader’s price was in the red by 1.42% over the past 7 days.
BTC was, however, outperformed by the rest of the market throughout the past day of trading. Subsequently, BTC’s dominance slipped 0.19% over the past 24 hours. Nevertheless, BTC still held a demanding position in the market, as its dominance stood at 51.45%.
The Bitcoin halving event, which is expected to take place in April 2024, will see mining rewards for Bitcoin miners slashed in half. This particular event is hardcoded to take place every 210,000 blocks, or approximately every 4 years.
The upcoming halving event will see the current mining reward per block drop from 6.35 BTC to 3.175 BTC. This will also be the fourth time that mining rewards have been slashed by the network.
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