Bitcoin and Ethereum have since recovered from a roller coaster of volatility ahead of Friday’s Bitcoin halving.
At the time of writing, Bitcoin prices are hovering around $66,000, up 1.6% over the past day and after regaining that milestone for the first time in a week.
Due to Friday’s halving of cryptocurrency block rewards, the reward paid to Bitcoin miners has been reduced from 6.25 BTC to 3.125 BTC. This typically triggers bullish price action, but the effect is not always immediate.
One thing changed immediately after the halving. That is Bitcoin transaction fees. According to , in a short period of time over the weekend, the average fee for BTC transfers rose to an all-time high of $127. bit information chart. That’s largely due to the launch of Casey Rodarmor’s Runes protocol.
The Runes protocol picks up where BRC-20 left off. BRC-20 is a fungible token standard that itself utilizes the Ordinals protocol and was developed by a pseudonymous developer. Hello. Runes is an attempt to make the process of creating fungible tokens on top of Bitcoin more efficient.
So where does Bitcoin go from here? Analysts at blockchain analysis firm Into the Block say BTC is currently at a strong support level, which makes it more resilient to downward pressure. claims that it is possible.
“Bitcoin is currently at the top of a major demand zone, with 1.66 million addresses buying Bitcoin at an average price of $64,800,” they wrote. on Twitter. “This price range could potentially act as a strong support level if the market experiences further downward pressure.”
Meanwhile, ETH rebounded above $3,000 on Friday and managed to maintain that price level throughout the weekend. At the time of writing, the price of Ethereum is just above $3,200. This is a 1.3% increase over the past 24 hours, and only about 1% compared to the price at this time last week.
Good news could be on the horizon for Ethereum and Bitcoin. Hong Kong has conditionally approved spot ETFs for both assets. Local companies believe they will get the green light to start issuing shares by the end of this month. Analysts predict that once trading begins, it could help ease fears surrounding cryptocurrencies in the region and bring $25 billion worth of new liquidity to the market. There is.
