– Several altcoins recorded impressive gains in the past 24 hours after Bitcoin’s rise.
– BRC-20 pre-Runes tokens posted hefty gains on Monday, as many expect them to enjoy the halving effect.
– Runes is set to launch on the same day as Bitcoin halving.
Bitcoin’s (BTC) price recovery sparked a price increase across the crypto market on Monday.As anticipation for Bitcoin’s halving reaches full swing, Runes, a new Bitcoin-based token standard set to go live in two weeks, is beginning to garner attention in the crypto community.
Also read:
Bitcoin breaks past $72,000 for the first time in a month ahead of halving
Bitcoin halving anticipation causing crypto market recovery
After Bitcoin’s price briefly broke past $72,000 for the first time in April, several altcoins posted gains, breaking out of the general crypto market stalemate.For example,
Ethereum (ETH), XRP, Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) are all up 8.4%, 4.8%, 17.7%, 4.7% and 3.1%, in the past twenty-four hours, respectively.
The recent price surge comes off growing anticipation for the fourth Bitcoin halving, which is eleven days away.The Bitcoin halving, which will reduce the inflationary rate of Bitcoin by 50%, will see miners facing a depletion in mining rewards.
After every halving event, Bitcoin usually records substantial price increases.Due to its high
correlation with other assets in the crypto market, several altcoins also follow suit and see significant price growth.Data from CoinGecko shows that Bitcoin and altcoins’ prices usually grow to new highs after halving events.
Hence, Monday’s buying spree in Bitcoin and altcoins may represent investors’ preparation for another potential post-halving bull run.This coincides with a recent prediction by Ripple CEO Brad Garlinghouse, who expects the crypto market to double in size to $5 trillion by the end of the year.
However, Glassnode and Coinbase analysts have said that the halving effect may already be priced into Bitcoin as the largest digital asset broke its previous all-time high for the first time before a halving event.
Read more:
Week Ahead: Crypto market outlook could set to change after stale weekend
Runes set to go live on same day as Bitcoin halving
While the Bitcoin halving approaches, BRC-20 tokens are also gaining investors’ attention.Data from CoinGecko shows that the entire BRC-20 tokens market capitalization has increased by 6.4% in the past twenty-four hours.
BRC-20 is an experimental token standard that allows the launching of fungible tokens on the Bitcoin network via a tweak on Bitcoin Ordinals, a feature for launching Bitcoin-based NFT.
The inventor of Bitcoin Ordinals, Casey Rodarmor, has also invented another Bitcoin-based token standard, Runes.Casey has said that Runes will allow launching more secure and sustainable fungible tokens on Bitcoin.Runes is set to go live on the same day as the fourth Bitcoin halving, and traders are expecting it to catalyze the launch of meme tokens on the Bitcoin network.
Also read:
Bitcoin price tags $69K as BlackRock enhances Wall Street’s presence in BTC market
Many pre-Rune tokens have already flooded the market in anticipation of Runes’ launch.The teams behind these tokens plan to airdrop their Rune-based version to users when Rune goes live.
Since their launch, several pre-Rune tokens have recorded gains ranging from 60% to 500%.
New market activities and narratives will continue to surface as the Bitcoin halving edges closer with every passing minute.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Recommended Content
Editors’ Picks
PancakeSwap price surges as DEX burns $35 million CAKE tokens
PancakeSwap DEX burned over 8.7 million CAKE tokens worth $35 million on Monday.
The decentralized exchange burns trading fees collected across V3 and V4, prediction market, lottery, NFTs and games.
More PancakeSwap News
Ethereum’s price shows signs of recovery as whales begin accumulation
Ethereum could see a boost as whales resume purchase, spending $35 million in 14 hours to get the largest altcoin.JP Morgan says Ethereum ETF could be approved after a litigation process.
More Ethereum News
Ripple CEO expects the entire crypto market to double in 2024, XRP price eyes comeback to $0.60
Ripple price struggles to recoup the $0.60 round level on Monday after touching it over the weekend, after Ripple CEO Brad Garlinghouse said in an interview with CNBC that he expects the crypto market to remain bullish this year.
More Ripple News
SocialFi tokens rally as crypto influencers bring back Friend.tech
SocialFi tokens have seen a resurgence in prices on Monday as crypto traders revive the Friend.tech hype.Friend.tech v2 launch is coming up after April 20, feeding the SocialFi narrative among market participants.
More Cryptocurrencies News
Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?
Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants.On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.
Read full analysis.
