Since the news of Bitcoin surging over $10,000 has circulated and doing rounds on the internet, it is certain that the year 2020 has turned out to be wonderful for cryptocurrency markets so far. According to CoinDesk’s Bitcoin price index, the price of BTC was registered as highest on February 09, 2020, during the European trading hours which was $10,176. It is the highest BTC level since October 26 last year. It is also noticed that the overall cryptocurrency market cap has added more than $45 billion since January 1.
With the surge above $10,000, the cryptocurrency’s gains have risen to 41% and its market capitalization has increased to $183 billion which is a significant event in the crypto realm. Undoubtedly, Bitcoin is leading the crypto market as a king and performing exceptionally well. Nonetheless, the reward to the cryptocurrency miners will be cut in half right when the halving event will come into play.
The cryptocurrency market has reported over 20% growth since the first month of 2020 and bitcoin helped beyond an extent to thrive the market. Investors are entrusting BTC more than any other crypto coins. At present, bitcoin is trading at a market cap of $157 billion. On the other hand, other cryptocurrencies have also been found performing well. Following the path of success, Ethereum becomes the second leading cryptocurrency
Bitcoin will outshine after Halving Event to take place in 2020
Bitcoin halving event will be a surprising turn of events and add value to chart algorithms. The exact date of the 2020 event is not yet disclosed but the buzz is that it is expected to take place in the first week of May 2020. The halving event takes place every four years once the 210,000 blocks get mined. But this year, bitcoin halving will take place after the 630,000th bitcoin block is mined.
A bitcoin halving is an event where the reward for mining new bitcoin blocks is halved. This means the miners will then only receive 50% of the bitcoins they have been rewarded. It is noticed that the miners somehow always reap the benefit with bitcoin halving and history is expected to repeat itself again with the 2020 halving event. Bitcoin halving event has found to be not less than an evolution in the crypto market.
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Previous period chart models show that after every halving, the price of BTC has skyrocketed. This implies that 2020 could be a grand year for those who have invested in bitcoins as BTC is likely to outdo its 2019 efficacy.