Ethereum
Bitcoin Price Recovers $66,000, Ethereum Posts Modest Gains After BTC Halving
Bitcoin and Ethereum, which experienced a last-minute wave of volatility before the BTC Halving Friday, have since recovered from their roller coaster ride.
At the time of writing, the Bitcoin Price is up 1.6% over the past day, hovering around $66,000 after reclaiming that milestone for the first time in a week.
The cryptocurrency’s block reward halving, which took place on Friday, saw the reward paid to Bitcoin miners reduced from 6.25 to 3.125 BTC. While this is usually the catalyst for bullish price action, the effect is not always immediate.
There is one thing that changed right after the halving: Bitcoin transaction fees. For a short period over the weekend, the average fee to send BTC jumped to an all-time high of $127 according to Bitinfo Charts. This is largely due to the launch of Casey Rodarmor’s Rune Protocol.
The Runes Protocol picks up where the BRC-20s left off. BRC-20 is a fungible token standardwhich itself uses the Ordinals protocol and was developed by the pseudonymous developer domo. Runes is an attempt to make the process of creating fungible tokens on Bitcoin more efficient.
So where does Bitcoin go from here? Analysts at IntotheBlock, a blockchain analytics firm, say BTC is currently at a high support level, which they believe could make it more resistant to downward pressure.
“Bitcoin is currently positioned just above a key demand zone, with 1.66 million addresses purchasing it at an average price of $64,800,” they wrote. on Twitter. “This price level could potentially serve as an important support level if the market experiences further downward pressure.”
Meanwhile, ETH rebounded above $3,000 on Friday and managed to maintain this price level throughout the weekend. At the time of writing, the Ethereum Price sits just above $3,200. That represents a 1.3% gain over the past 24 hours and only about 1% less than its price this time last week.
Good news could potentially be on the horizon for Ethereum and Bitcoin. Hong Kong has approved under conditions Spot ETF for both assets. Companies believe they will get the green light to start issuing shares before the end of the month. When trading begins, analysts predict it could help dispel unease around cryptocurrencies. In the regionpotentially bringing 25 billion dollars value of new liquidity on the market.