Bitcoin Block Halving
Only a certain number of Bitcoins can exist at any given time. This is why developers use the block blocking process to maintain order by cutting block rewards. Next year, the block premium will be reduced from 12.5 BTC to 6.25 BTC. At the time this article was written, about 558,763 BTCs had been extracted. The inflation rate was 3.83% in the year. Each year, the total number of Bitcoins drawn will decrease to reach 21 million BTC in circulation.
The last halving was done in 2016. Previously, one was done in 2012. If the story were to serve as a teacher, the price of BTC will increase after halving. In November 2012, the price of BTC rose from $ 12.25 before halving to $ 1.199 after halving. On 7 August 2016 another halving was sanctioned and the price of BTC rose from $ 657.61 to $ 19.500 in 498 days. While halving may not be the only reason for a significant price spike, it's OK to be confident. If the price of BTC will increase after halving, it could increase significantly bringing the whole market along. In an unpredictable market, we can only wait and see how things are going.
This year, the silver of Bitcoin gold, Litecoin will be halved. The halving of the block is scheduled for August 8th. The block reached 1,562,469 with a capacity of 86%. It is hoped that the halving will help LTC recover some of the gains lost during the downtrend in the market.
Bitcoin (BTC) Price today
At the time of writing this article, BTC sold for $ 3,638.62. This shows that it is down 0.91% against the dollar. The market capitalization is $ 63,625,800,804 and the total volume of exchanges is $ 5,333,247,344. The next trading days will determine if the price action will change or not.
Do you think that the halving of Bitcoins will contribute to increasing the price of BTC and other cryptocurrencies in the market? Share your thoughts below.