Crypto Assets Recover Hours To Bitcoin Halving: Here’s Why
Crypto assets have picked up the pace in the past 24 hours before the Bitcoin halving after two weeks in the doldrums. The sell-off was sparked by reduced investor sentiment as a result of geopolitical tensions, Bitcoin miner movements, and economic trends.
At press time, the cryptocurrency market capitalization stands at $2.35 trillion with a daily trading volume of $112 billion, a 2.5% increase in the last 24 hours. Many commentators view the upcoming Bitcoin halving to ignite the next market’s bull run.
Crypto Assets March Uphill
Gains in crypto assets can be seen in Bitcoin, altcoins, and memecoin prices following a sharp market recovery. Bitcoin trades at $65,167 after trading below $62,000 lowering interest in the wider market.
Bitcoin is up 3.89% and has flipped monthly flows to a 3.71% gain despite its weekly position in the red zone. Ethereum (ETH) ticked up 1.82% and trades at $3,107. The leading altcoin posted a large outflow after going above $4,000. These recent movements came as its investment products saw sharp outflows in the last seven days.
Ethereum’s weekly losses are still high at 12% while monthly exits drop to 4.2%. Solana (SOL) popularly described as an institutional investor favorite asset trades at $145, an 8% rise in the last 24 hours. Although previous losses are still high, the asset is among the few to outpace the market today.
Why The Reversal?
Most crypto assets have ignited a run today with some moving above 10%. As investor sentiment ticks, analysts point to the effect of the Bitcoin halving on crypto assets. Recent data from CryptoQuant show reduced selling pressure by Bitcoin miners.
This means miners likely made their pre-halving positioning months ago leading to the drop. Reduced asset flow by miners and whales to exchanges is a bullish factor for crypto assets. The general halving anticipation and recent accumulation is another reason for the upturn in prices.
However, a report by JP Morgan projects reduced value in crypto assets after the Bitcoin halving.
Also Read: Top 4 Cryptocurrencies To Buy After Bitcoin Halving
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