Bitcoin has been steady around $48,000 since yesterday, up 11% from this time last week.
At the time of writing, the price of Bitcoin is $47,846.90. This means that the stock has fallen by 0.8% in the past 24 hours. However, according to Into the Block, 91% of BTC holders still have money or are stuck with unrealized gains. As a result, the advice from experienced trader and Bitcoin founder Philip Swift is simple. Hodor.
The market capitalization currently stands at approximately $940 billion. This is still 26% lower than the previous all-time high of $1.28 trillion set during the fall 2021 bull market.
It also means traders who bought Bitcoin near the top of the 2021 bull market are finally — close to breaking even, according to CryptoQuant founder and CEO Key.・Yonju said. on Twitter.
According to NiceHash, one of the key events on the horizon for traders is the Bitcoin halving, which is about 62 days away.
The trading company has started providing guidance on how investors can prepare for the halving, which will see fees paid to Bitcoin miners for validating transactions on the blockchain start at 6.25 BTC. It will be lowered to 3.125 BTC.
Brokerage firm Bernstein last week rated CleanSpark (CLSK) and Riot Platforms (RIOT) as stocks to buy ahead of the halving. The analysts argued that at Bitcoin’s current price level, “most U.S. listed miners appear to be relatively well-positioned” “even if costs double after the halving”.
Historically, halvings have preceded bull markets, which is why traders are rushing to implement Bitcoin halving trading strategies.
Elsewhere in the market, Ethereum has lost 1.4% in price since yesterday. As of this writing, ETH is trading at $2,482.46 after spending most of the weekend above the $2,500 mark.
ETH traders are looking forward to the Dencun upgrade being rolled out on mainnet, which developers say will enable faster trading and significantly reduce fees.