Bitcoin (BTC) has surpassed the $8,100 level for the first time since mid-November, in a rally that reminds good moments in the cryptocurrency space. Not only Bitcoin experienced a growth of over 7% in the last 24 hours, but other virtual currencies registered gains as well. Is this the beginning of a new bull market?
Bitcoin Reaches $8,100
Bitcoin has surpassed $8,100 once again after several months without reaching that level. This shows the market is getting bullish once again. This is certainly positive for Bitcoin and the crypto space that have been in a bear trend in the second half of 2019.
Indeed, Bitcoin reached a yearly high of $13,750 at the end of June and since then it started to trend lower and lower. Eventually, the leading cryptocurrency was traded below $7,000 for a brief period of time.
There is a narrative being built around Bitcoin’s next halving event that is going to take place in May this year. Bitcoin rewards for miners are going to drop by half from 12.5 BTC per block to 6.25 BTC per block. This is expected to have a positive impact on the price of the most popular digital asset in the market.
If demand for Bitcoin increases, with a lower number of coins being generated per day, the price could eventually move up faster than with the current 12.5 BTC reward.
It is also worth mentioning that Bitcoin’s hash rate has recently reached a new all-time high. On January 1st, 2020, the network registered 119,353,000 (TH/s). Now, Bitcoin’s hash rate is close to 92 million TH/s.
As Bitcoin expanded in the last 24 hours, other digital currencies have also experienced moderated gains. For example, Ethereum (ETH) grew 0.84% and Litecoin (LTC) 2.38%. Meanwhile, Bitcoin SV (BSV) and XRP were the only two top 10 cryptocurrencies that experienced losses in the last 24 hours. They fell by 2.63% and 2.85% respectively.
Now, enthusiasts are waiting for Bitcoin to reach new highs. The main question is whether Bitcoin will be able to trend higher and surpass its previous all-time high of $20,000 in December 2017. Altcoin holders are also patiently waiting for a new alt season, however, many analysts are not so sure on whether it will happen in the near future.