The halving of Bitcoin, an event scheduled for 24 April, will reduce the reward for mining a new block from 6.25 to just 3.125 units. This reduction in supply, combined with growing global demand for BTC, could make new BTC scarce on the market. If demand persists and spot Bitcoin ETFs continue to attract investors, the price of BTC could soar, even surpassing the symbolic $100,000 threshold. However, the euphoria was short-lived, as the price of bitcoin quickly plummeted to $59,000, only to rise again just as quickly, currently stabilising at around $68,330.
As bitcoin climbs to new heights, all eyes are now on the Ethereum ETH. To surpass its own ATH of $4,878, the ETH still needs to appreciate by more than 25%. Although ETH has yet to benefit from its own spot ETFs, the upcoming Denchun update could significantly improve the performance of the Ethereum blockchain. Due to be rolled out on 13 March, this update, which introduces Proto-Danksharding technology, is eagerly awaited by the community and could boost ETH's rise.
