Bitcoin Holds Steady, Leaving 91% of Holders in Profit
Bitcoin has maintained its price at around $48,000, showing an 11% increase from last week. Although there has been a slight dip of 0.8% in the last 24 hours, 91% of BTC holders are still in profit, according to Into the Block. Experienced traders and Look Into Bitcoin founder Philip Swift advise you to “HODL.”
Bitcoin’s Market Capitalization and Break-Even Point
Bitcoin’s market capitalization now stands at approximately $940 billion, which is 26% lower than its all-time high during the Fall 2021 bull run. This means that traders who bought BTC near the top of the bull run are finally reaching a break-even point, as stated by CryptoQuant founder Ki Young Ju on Twitter.
The Bitcoin Halving Approaches
The Bitcoin halving is approximately 62 days away, according to NiceHash. Trading firms are providing guidance on how investors can prepare for this event, which will reduce fees paid to Bitcoin miners for validating transactions from 6.25 to 3.125 BTC.
Must-Buy Recommendations Ahead of the Halving
Last week, brokerage firm Bernstein recommended CleanSpark (CLSK) and Riot Platforms (RIOT) as must-buys before the halving. They believe that most U.S.-listed miners are well-positioned at Bitcoin’s current price level, even with doubled costs post-halving.
Anticipation of a Bull Run
Traders are rushing to implement Bitcoin halving trading strategies because historical data shows that it often precedes a bull run.
Ethereum’s Price and the Dencun Upgrade
Ethereum has experienced a 1.4% price drop, currently trading at $2,482.46. ETH traders are eagerly awaiting the Dencun upgrade on the mainnet, which is expected to bring faster transactions and reduced fees.
Hot Take: Bitcoin Holds Steady as Traders Anticipate Halving
Bitcoin’s steady price and the approaching halving have traders on edge as they prepare for potential profit opportunities. With a majority of BTC holders still in profit and historical data suggesting a bull run may follow the halving, the crypto market remains optimistic. In addition, Ethereum traders are looking forward to the Dencun upgrade, which promises improved transaction speed and lower fees. Overall, market participants are closely monitoring these developments and adjusting their strategies accordingly.
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