Crypto News – According to cryptocurrency exchange Coinbase, the time of year will be a barrier, but many traders are focusing on the Bitcoin halving event as the main catalyst for a possible price surge.
Coinbase Weekly Report Says Upcoming Halving Will Have to Overcome Weak Time of Year
According to Coinbase‘s April 5 market commentary report, the cryptocurrency industry will need to come up with another story to drive prices higher overall.
The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets,
the exchange
On the other hand, the cryptocurrency exchange observes indications that suggest there will probably be more new investors joining the market soon.
In our view, bitcoin’s increased acceptance as a form of “digital gold” could enable demand from a new subset of investors in this market regime.
the exchange
Bitcoin Dominates 50.6% of the Market
Increases in the price of Bitcoin have often been linked to halving events. Bitcoin’s price spiked after the last halving occurrence in May 2020. The price of Bitcoin increased after the halving, peaking at around $69,000 in November 2021.
Based on market capitalization relative to the whole crypto market, CoinStats data indicates that 50.6% of the market is dominated by Bitcoin. Additionally, the research clarified that as more investors participate, the troughs may become less and less for those waiting for price decreases to invest.
As a result, we think dips are likely to be more aggressively bought compared to previous cycles, even as volatility persists during price discovery,
Coinbase
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