This week's Bitcoin halving event has not led to significant price fluctuations, with the cryptocurrency remaining at around $64,000. However, volatility is expected as the halving typically triggers market fluctuations. Ethereum and altcoins, including meme coins, have experienced price drops, with Ethereum losing over 6% and ApeCoin recovering from an earlier decline.
Bitcoin Halving Event Fails to Spark Bullish Momentum
On April 20th, 2022, the highly anticipated Bitcoin halving event occurred, marking the fourth reduction in mining rewards since the cryptocurrency's inception. Despite the extensive hype and speculation surrounding the event, Bitcoin's price has remained relatively stable.
Data from CoinGecko indicates that Bitcoin is currently trading at $64,041, a decline of approximately 5% over the past seven days. Notably, the asset's price has not fluctuated significantly in the 24 hours following the halving event.
The market has experienced significant volatility in the lead-up to the halving. Last weekend, Bitcoin faced severe liquidations and geopolitical uncertainties, causing its price to briefly dip below $60,000 for the first time since late February.
Bitcoin's recent all-time high of nearly $74,000 was reached in March 2022. Post-halving, the cryptocurrency does not appear poised for a substantial bull run. However, it seems improbable that Bitcoin will experience a bear attack in the near future.
Cryptocurrency experts have emphasized that pre-halving run-ups typically engender heightened volatility.
Ethereum, the second-largest digital asset by market capitalization, has also experienced a price decline of over 6% in the past week. Ethereum's market valuation now stands at $3,063. A recent report indicated that investors had rapidly liquidated Ethereum-tracking digital asset investment products, leading to its underperformance relative to other major coins and tokens.
In the altcoin market, meme coins, such as Pepe, Bonk, and Dogecoin, have witnessed substantial losses. Over the past week, these coins have decreased by 12%, 13%, and 10%, respectively.
ApeCoin, which suffered a significant decline earlier this week during the broader crypto market downturn, has since recovered from its near all-time low. The coin is currently priced at $1.26, representing a 3% drop over the past seven days.
