Bitcoin’s price has remained stable at around $48,000, marking an 11% increase from the previous week. Currently, the price of Bitcoin sits at $47,846.90, representing a 0.8% decrease over the last 24 hours. However, the majority of BTC holders, at 91%, are still in a position of unrealized profit, according to Into the Block. Seasoned traders are advising others to “HODL,” or hold on to their investments, in light of this information.
With a market capitalization of almost $940 billion, Bitcoin is still 26% below its all-time high of $1.28 trillion. This development means that traders who purchased Bitcoin at the peak of the 2021 bull run are nearing the breakeven point. Looking ahead, one of the significant upcoming events for traders is the Bitcoin halving, which is approximately 62 days away. This halving will see a reduction in the fees paid to Bitcoin miners for verifying transactions on the blockchain from 6.25 to 3.125 BTC. As a result, trading firms have begun offering guidance on how investors can prepare for this shift and its potential impact.
In the broader market, Ethereum has experienced a 1.4% decrease in price, with ETH currently trading at $2,482.46. Despite this, ETH traders are anticipating the Dencun upgrade’s implementation on the mainnet, which is expected to bring about faster transactions and a significant reduction in fees. The upcoming milestones in the cryptocurrency market, such as the Bitcoin halving and Ethereum’s network upgrade, highlight the evolving landscape of digital assets and the ongoing developments that drive investor and trader decision-making.
