Bitcoin
Bitcoin Rallies to $25k as Crypto Market Cap Retest $1.13trillion Mark
Bitcoin briefly traded above $25,000 as the total crypto market capitalization retested the $1.13 trillion mark. The flagship cryptocurrency now trades at $24,502 at the time of writing this report.
Bitcoin trading below the $25,000 can be assumed to be a correction, following the recent gains which have seen the most valuable cryptocurrency record its best January performance since 2013.
Investors King understands that Bitcoin has since from the beginning of the year renewed hope with its recent outstanding performance and a prospect for more upward rally.
Subsequently, a number of crypto analysts and market observers have bet on the optimism with a projection of a new all-time high before the year runs out.
Investors King gathered that one of the most anticipated events for Bitcoin is the next halving. Halving is an occurrence in the bitcoin network where the amount of reward given to bitcoin miners is reduced by half.
The current reward for miners stands at 6.25 BTC for every block created. When the next halving occurs, probably on March 18, 2024, the reward for mining bitcoin will halve to 3.125 BTC.
From history, after each bitcoin halving, there has been a new all-time high for the asset.
In 2013, Bitcoin had a new all-time high of $1,207, from $29.60 in 2011, after the November 2012 halving. The second Bitcoin halving which occurred on July 9, 2016, produced another new all-time high of $18,972 by December 2017.
The last halving on May 11, 2020, preceded the latest all-time high of over $64,000. The next halving will likely have another positive effect on the price according to history.
Meanwhile, Bitcoin reached 44 million addresses in February 2023, making it one of the highest-held cryptocurrencies in the world.
Further analysis of the number of holders as of February 15, 2023, shows that the top 10 and 20 holders own 5.37% and 7.45% of the total asset. 10.75% is held by the top 50 while the top 100 own 13.64% of it.