Crypto News – According to the most recent research report by Coinbase Research and Glassnode, Bitcoin (BTC) and Ethereum (ETH) are currently following a pattern similar to prior years, during which their prices skyrocketed by 500% and 1,000%, respectively.
Bitcoin and Ethereum Rise Significantly, Hailing Last Bull Run
The observation makes comparisons between the current cycle of the cryptocurrency market and the years 2018–2022, which were marked by significant price gains in both cryptocurrencies. Analysts draw attention to several cyclicality variables that reflect historical patterns, such as supply in profit and net unrealized profit or loss. These data show that the euphoric conditions seen during the high of 2023 are not reflected in the current situation of the cryptocurrency markets.
The Fourth Halving is Expected in April 2024
Coinbase Research remains cautious, even as it acknowledges the potential benefits of the next Bitcoin halving. The study described the association between the halves and market success as relatively speculative and pointed out a lack of strong supporting data.
The research highlights the lack of a well-defined pattern in the history of the three halving episodes, particularly when taking into account the impact of global liquidity controls on earlier occurrences. The block reward for Bitcoin will drop from 6.25 to 3.125 BTC as a result of the impending halving, which is anticipated to happen in April 2024 based on current mining rates.
Ethereum is Up More Than 90% Over The Past Year
Ethereum (ETH) saw a 90%+ price increase in 2023 due to several causes, including the Shapella upgrade’s success and the growing possibility that spot crypto ETFs may be approved. These events gave market players encouragement, which helped drive up the value of ETH. Analysts are anticipating the release of the Cancun Ethereum update. In order to maximize the efficiency of layer-2 transactions, it is anticipated to improve security and scalability.
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