Bitcoin's Price is Gone 2X Since the Bitcoin Halving in May 2020

News • 2020/11/20 • by

Since the third block halving in May, there has been a 110 percent gain in Bitcoin, which is over two times what it used to be.

On May 11, when the halving happened, bitcoin was sold at 8,566 USD, but now sells around 18,000 USD at press time. Chainalysis made a report and showed that investors hold more bitcoin, and the remaining are liquid bitcoin or trader held bitcoin.

Major Updates

New BTC investors have a little BTC to buy

GrayScale bitcoin trust, have over 500,000 BTC in their custody

Bitcoin mining revenue spikes

According to their estimate, the BTC available to buy in the market is just around a 3.4million. They also added that the supply of illiquid BTC has diminished in contrast to the wholesale accumulation.

Another analytics from Glassnode studio also showed that bitcoin mining's revenue had gone back to what it used to be before May.

It is also crucial that ETH's price is again doing well and has grown more than 160% within the same period when BTC's price has grown over 110%.

Do you expect another significant BTC price pump? Let us know your thoughts in the comments.

Comments (5)

Guest

dean01oreoluwa

6 years ago

I do expect another btc price pump but I don’t think it’s any time soon

visiblemoney

6 years ago

BTC pumps and steady rise in 2020 is really a breakthrough brought by Covid 19 pandemic. The present price stir in BTC is attributable to institutional investors. And as the points have been proven in steady scarcity of BTC that spikes pump of BTC price, we can continue to witness more pump because the world has been migrating to crypto.

andrei12

6 years ago

i dont expect any significant pump

exodusab

6 years ago

For instance, bitcoin’s bear market from the December 2013 high of $1,150, ran out of steam near $150 in January 2015. The cryptocurrency then rose to a high of $502 in November 2015, confirming a bullish reversal. Prices then fell back to $365 in February 2016 before hitting a new cycle top $778 in June – a month ahead of the reward halving, which took place in July 2016. The high of $778 reached in June 2016 was the highest price from the bear market low of $150, but was well short of the record high (at the time) of $1,153, reached in December 2013. Similar price behavior was seen in the months leading up to the 2012 reward halving. If the same thing were to happen again, the cryptocurrency would set a new cycle top above the June 2019 high of $13,880 in the next two months. The options market, however, indicates the history is unlikely to repeat itself. currently trading above $18,120. the is a big wow