Bitcoin (BTC) is getting closer to $8,000 a very important price level for the digital asset. During this year, Bitcoin has been traded in a range between $10,500 and $3,800 and with just a few days between bottom and top. Now, we are witnessing how Bitcoin could eventually surpass $8,000 just before the halving event that is going to take place in just 13 days.
Bitcoin and Cryptos Surge Before Halving
In the last few days, Bitcoin and cryptocurrencies were able to move higher just before the current halving event on the Bitcoin network. Bitcoin is getting closer to $8,000 with a price of $7,850 and a valuation of $144 billion.
Ethereum (ETH), XRP and Litecoin (LTC) have also been growing. Ethereum is nos ready to surpass $200. The virtual currency is just a few cents below that level. The last time that ETH was traded above $200 it was back at the beginning of March.
Meanwhile, XRP surpassed the $0.20 and $0,21 levels that were very important for the digital asset. This allowed the entire XRP community to get excited about the future of the digital currency. Ripple continues working with several companies in order to expand its services and XRP enthusiasts believe that the BTC halving is going to have a positive impact in the market.
Finally, Litecoin surpassed $45 and is getting closer to $50. The digital currency grew by 4.29% in the last 24 hours and it could continue doing so in the future.
As we have already mentioned, the halving event on Bitcoin seems to be having a positive effect on the price of the entire crypto market. There is not a top 10 cryptocurrency without registering gains in the last 24 hours.
On May 12, Bitcoin is going to be reducing the new issuance of Bitcoin from 12.5 BTC per block to 6.25 BTC per block. In this way, the selling pressure in the market could be lower, which would eventually help Bitcoin to move higher. Indeed, if there is an increased demand for Bitcoin and a lower issuance, the price of this digital asset could move higher.
If Bitcoin behaves in a bullish way, it is highly possible that altcoins would follow in a short time. Glassnode reported that the number of BTC whales is growing just before the halving. As they explained, the last time the market experienced this accumulation behaviour was in 2016.