The world’s largest cryptocurrency Bitcoin (BTC) registered notable gains during the past couple of months. BTC’s rise beyond the $100,000 mark was supported by several factors. This includes Donald Trump’s bullish stance on the king coin as well as the halving that occurred in April 2024. BTC undergoes halving once every four years. This process involves lowering the generation rate of new Bitcoins by 50%. Since fewer Bitcoins are entering the market as a result of the halving, the price may rise if demand stays the same or rises.
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It should be noted that the king coin has witnessed three halvings since its launch in 2009. The very first one took place in November of 2012 and the most recent one occurred at block height 840,000 on April 20, 2024. In addition, the block reward was reduced from 6.25 BTC to 3.125 BTC. Amidst this, BTC was trading at a much lower rate. To be precise, on the day of the halving, Bitcoin was trading at about $64,262
A Look At Bitcoin’s Price Today
Bitcoin is currently trading 22.36% below its all-time high. The king coin reached a peak of $109,114.88 back in January. At the time of writing, the world’s largest cryptocurrency was trading at $84,758.96. This comes after a 1.45% increase over the past 24 hours.
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With the current price of Bitcoin at $84,684.49 if an investor had invested $5,000 in the cryptocurrency during its most recent halving in April 2024, when it was selling at about $64,262, that investment would be worth about $6,591.79 today. While this might not seem like a lot, the investment has grown by over 31%.
In addition, Bitcoin is now 25% of the way through the current cycle, marking a significant milestone on its path to the next halving event. Several sources predict that the 2028 Bitcoin halving will probably take place in March or April of that year.
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