It’s historic! As halving approaches and Bitcoin spot ETFs become increasingly popular, Bitcoin has just set a new price record, surpassing its previous ATH of $69,044. Will BTC’s rise continue ? Will the Ethereum blockchain ETH follow suit ?
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At the same time, Bitcoin’s halving event is drawing inexorably closer, and according to the latest estimates will take place on April 24. Following halving, the production of new BTC will be divided by 2, dropping from 6.25 units to just 3.125 units when a new block is mined.
So, while demand for BTC is rising worldwide, supply will become scarcer, and far fewer BTC will come onto the markets. If this strong demand continues, and spot Bitcoin ETFs continue to attract capital, the price of BTC could continue to rise, and why not, finally surpass the symbolic $100,000 threshold.
The surpassing of the $69,044 mark was only brief, however, and the BTC price then fell back sharply. The king of cryptocurrencies is currently trading at $68,330, almost $1,000 less than the $69,150 it reached earlier.
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ETH’s turn on the Ethereum blockchain?
Now that Bitcoin is launched on its ascent to new heights, the eyes of the crypto community are turning to Ethereum ETH, the 2nd largest cryptocurrency in terms of capitalization.
With the ATH set at $4,878 and, at the time of writing, hovering around $3,532, ETH will still need to rise by more than 25% to break its previous all-time record.
Will it ? Although ETH doesn’t yet have its own spot ETFs, the imminent rollout of the Dencun update should greatly enhance the capabilities of the Ethereum blockchain.
Scheduled for March 13, this update, which will bring Proto-Danksharding technology, is eagerly awaited by the community, and could come at an opportune moment to help ETH’s rise.
Let me know what you think in the comments !
Source :Â TradingView
