The value of the best-known cryptocurrency, Bitcoin, has reached a new high trading at $71,620 on Binance Exchange, BrandSpur Nigeria reports.
With each halving, the rate at which new bitcoins are created is cut in half, leading to a decrease in the available supply and historically triggering significant price rallies.
Investors and enthusiasts alike are closely monitoring this latest bull run, fueled by a combination of factors including increased institutional adoption, growing mainstream acceptance, and a renewed wave of retail investor interest.
Bitcoin’s latest milestone underscores its resilience and growing prominence as a legitimate store of value and investment asset.
As the halving event approaches, anticipation is mounting among the cryptocurrency community. Historically, Bitcoin halvings have been associated with price appreciation as the reduced supply often leads to increased demand. This phenomenon is driven by the simple economics of supply and demand dynamics.
The second-largest cryptocurrency, Ethereum followed Bitcoin precedent as it recently surged above the $4,000 level.
