Bitcoin Surpasses Gold in Issuance Scarcity After Fourth Halving Event 🌟
As a crypto enthusiast, you may find it intriguing that Bitcoin’s recent halving event has propelled the digital asset to surpass gold in terms of issuance scarcity. According to Glassnode analysts, this milestone marks a significant achievement for Bitcoin in comparison to the precious metal. Let’s delve into the details of this groundbreaking development.
The Impact of Bitcoin’s Fourth Halving Event 🚀
During the recent halving event, the block subsidy for Bitcoin decreased from 6.25 BTC to 3.125 BTC per block. This change led to an issuance of approximately 450 bitcoins per day, signaling a pivotal moment in Bitcoin’s evolution as a scarce asset.
- Bitcoin’s steady-state issuance rate of 0.83% is now lower than gold’s rate of around 2.3%, demonstrating Bitcoin’s increasing scarcity.
- Ark Investment Management analyst Yassine Elmandjra also observed that Bitcoin’s issuance rate has fallen below gold’s long-term supply growth, highlighting the asset’s maturation.
The Evolution of Bitcoin’s Supply Growth 📈
Following the halving event, Bitcoin’s annual supply growth has plummeted from approximately 1.8% to 0.9%, outpacing gold’s estimated supply growth of 1.7% in 2023. This shift underscores the diminishing supply of new bitcoins entering the market.
- The reduction in mined coins, coupled with the expanding size and ecosystem of Bitcoin, has contributed to the diminishing impact of halving events on the available supply.
Market Performance and Trends 📊
Bitcoin witnessed a modest 0.14% increase in the past 24 hours, reaching a trading price of $66,378. In comparison, Ether experienced a more significant 2% surge, climbing to $3,268 during the same period.
- The total cryptocurrency market cap rose by 1% to $2.59 trillion, indicating overall growth and stability in the digital asset space.
- The GM 30 Index, which tracks the top 30 cryptocurrencies, also saw a 0.97% increase to 138.48, reflecting positive market sentiment.
Hot Take: Bitcoin’s Rise to Prominence 🔥
With Bitcoin surpassing gold in terms of issuance scarcity post its fourth halving event, the digital asset continues to solidify its position as a premier store of value. As Bitcoin evolves and matures, its status as a scarce and sought-after asset is becoming increasingly pronounced, captivating investors and enthusiasts alike.
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