Bitcoin has been hovering around $48,000 since yesterday, up 11% from this time last week.
As of this writing, the price of Bitcoin is $47,846.90. It fell 0.8% over the past 24 hours. However, according to Into the Block, 91% of BTC holders are still holding cash or enjoying unrealized profits. As a result, seasoned trader and Look Into Bitcoin founder Philip Swift’s advice is simple: Hoddle.
Bitcoin The current market capitalization has reached approximately $940 billion. This is still 26% below the all-time high of $1.28 trillion last seen during the fall 2021 bull run.
This also means that traders who bought BTC at the peak of the 2021 bull market are finally close to breaking even, CryptoQuant founder and CEO Kiyoung Joo said. on twitter.
According to NiceHash, one of the major upcoming events for traders is the Bitcoin halving, which is now about 62 days away.
Trading firms have begun providing guidance on how investors can prepare for the halving, which will reduce the fees paid to Bitcoin miners to verify blockchain transactions from 6.25 BTC to 3.125 BTC.
Last week, brokerage firm Bernstein rated CleanSpark (CLSK) and Riot Platform (RIOT) as essential buys ahead of the halving. “Most US-listed miners appear to be relatively well-positioned at Bitcoin’s current price levels,” the analysts argued. “Even if the cost is cut in half.”
Traders are rushing to implement Bitcoin halving trading strategies because historically halvings have preceded bull markets.
Elsewhere in the market, Ethereum is down 1.4% in price since yesterday. As of this writing, ETH is trading at $2,482.46 after spending most of the weekend above $2,500.
ETH traders are looking forward to the Dencun upgrade being released on mainnet. Developers say this will speed up transactions and significantly reduce fees.