Table of Contents

1. A Brief History
2. Post-Halving Price Movement
3. Altcoin Price Performance
4. BTC Halving Effect on Crypto Regulations
5. What Crypto Metrics to Watch
6. Conclusion

A Brief History

Understanding the context of Bitcoin's journey is essential to grasp the significance of its halving events. From its enigmatic inception in 2009 by Satoshi Nakamoto to its meteoric rise as the pioneering cryptocurrency, Bitcoin has traversed a path laden with milestones, controversies, and innovations. For a deeper dive into Bitcoin's fascinating backstory, we invite you to explore this article:

Decoding Bitcoin Halving - Everything You Should Know!

Post-Halving Price Movement

BTC price was around $63,500 when the halving occurred, but over the weekend its value spiked around 5% to $66,000. Bitcoin's current price (04/23/2024) is fluctuating between $65,000 and $67,000.

While bitcoin's price held mostly above $63,000 in the aftermath, something else caught the attention of the users. On April 20 2024, the day of the Bitcoin halving, Bitcoin transaction fees reached an unprecedented average of $128.45. The significant rise in fees coincides with more than 237,000 pending transactions, as well as memory usage surpassing 300 MB and reaching a peak of 1.15 GB.

Not only the Bitcoin halving impacted the rise in fees, but also the introduction of the Runes Protocol, a new token standard for issuing fungible tokens on Bitcoin, akin to BRC-20s.

Altcoin Price Performance

Let's examine the recent price fluctuations of several altcoins to determine if they have been influenced by the Bitcoin halving event.

1. Ethereum (ETH), the second-largest cryptocurrency. After experiencing a strong rejection at the $4,000 resistance level in March, Ethereum's price has been undergoing a correction over the past few weeks.

At the time of writing, the Ethereum price is $3,175.00, a change of 0.37% over the past 24 hours.

Ethereum as well as Bitcoin could be in for some positive news as Hong Kong has conditionally approved spot ETFs for both assets. Companies in the region anticipate receiving approval to start issuing shares before the month ends. Analysts foresee that once trading commences, it could alleviate concerns surrounding cryptocurrencies in the area, potentially injecting $25 billion of new liquidity into the market.

2. Solana (SOL). In the week leading up to Bitcoin's halving, the price of Solana cryptocurrency stood at $138.641. On April 19, the day prior to Bitcoin's halving, the price rose to $142. As of the current writing on April 22, Solana's price has further increased to $153. This reflects a percentage increase of approximately 2.77% from the week before Bitcoin's halving to April 19, and approximately 7.39% from April 19 to April 2

3. Meme Coins. On Sunday, there was a significant influx of interest in the meme coin sector, leading to a substantial increase in value for prominent assets such as Shiba Inu (SHIB), Pepe coin (PEPE), Floki, and Bonk.

$SHIB is a decentralized digital currency initially conceived as a meme-based token, but it has since grown into a broader ecosystem. Since the last Bitcoin halving, Shiba Inu ($SHIB) has emerged as one of the standout performers in the cryptocurrency market, notably achieving a remarkable trading volume of $1.193 billion within a 24-hour period. This surge in trading activity has directly contributed to a 2.47% increase in the price of SHIB, which is currently trading at 0.000027 USD.

BTC Halving Effect on Crypto Regulations

As one of the most significant events in the crypto space, the halving event often garners widespread attention from investors, enthusiasts, and policymakers alike. The anticipation surrounding Bitcoin's halving may lead to increased scrutiny and discussion about the broader cryptocurrency market, prompting regulators to reassess their stance and approach to crypto regulations. For instance, the latest news indicates that BRICS members are contemplating the use of stablecoins for settlements. Stablecoins are being considered as a potential tool for facilitating international settlements among BRICS members, with the alliance establishing a dedicated communication channel between central banks for this purpose.

In an interview with TV BRICS, Russian Deputy Foreign Minister Sergey Ryabkov revealed that discussions are underway within BRICS nations regarding the potential utilization of stablecoins for cross-border transactions.

While specific details about the utilization of existing stablecoin products were not disclosed, Ryabkov mentioned ongoing talks about the development of a platform called "BRICS Bridge." This platform aims to connect central bank digital currencies (CBDCs) among BRICS member countries, promoting financial collaboration. However, the current status of these discussions and whether a consensus has been reached among BRICS members regarding the timeline for implementation remain unclear.

Recently, it was reported that regulators in Hong Kong approved the launch of spot Bitcoin and Ether exchange-traded funds (ETFs), according to asset managers.

As we can see, there is a growing trend towards the widespread adoption of cryptocurrencies in the modern world. Therefore, it is crucial to stay informed about major developments.

What Crypto Metrics to Watch

The 2024 Bitcoin halving represents a pivotal moment in the cryptocurrency landscape. Contrary to its portrayal as a fleeting event, its effects unfold gradually over time. Following this event, attention shifts to several key crypto metrics, serving as vital benchmarks for assessing the market's vitality and trajectory

1. Bitcoin Price (BTC): The price of Bitcoin is often considered a leading indicator for the overall crypto market sentiment. Monitoring Bitcoin's price movements can provide insights into market trends and investor sentiment post-halving.
2. Bitcoin Hash Rate: Hash rate refers to the computational power required to mine new blocks on the Bitcoin blockchain. A rising hash rate indicates increased network security and miner confidence in the post-halving environment.
3. Bitcoin Network Difficulty: Network difficulty measures the level of complexity for miners to solve cryptographic puzzles and validate transactions. A stable or increasing difficulty level post-halving suggests continued interest from miners and a healthy network.
4. Bitcoin Transactions Per Day: Tracking the volume of transactions on the Bitcoin network can provide insights into user adoption and usage patterns post-halving. Increasing transaction volumes may indicate growing interest and utility of Bitcoin as a medium of exchange.
5. Bitcoin Dominance: Bitcoin dominance refers to the percentage of total cryptocurrency market capitalization accounted for by Bitcoin. A rising Bitcoin dominance suggests that Bitcoin is outperforming other cryptocurrencies, while a declining dominance may indicate increased diversification into alternative crypto assets.

DISCLAIMER: it's important to note that the insights shared here are not financial advice. While we delve into key crypto metrics post-halving, we encourage readers to conduct their own research and exercise prudence when navigating the cryptocurrency market.

Conclusion

While the 2024 Bitcoin halving event represents a significant milestone, its effects will continue to unfold over time, shaping the future of cryptocurrencies and their role in the global economy.

Kate L, ChangeNOW CMO, provided insights into the wider implications of the post-halving period:

The halving is not just a moment in time but a catalyst for enduring challenges and possibilities within the crypto market. It tests the strength and flexibility of the entire blockchain network, from miners to investors and platforms, sparking discussions about Bitcoin's value, scarcity, and its future role as a currency.

As always, it's crucial to conduct thorough research and exercise caution when navigating the dynamic and ever-evolving crypto market. Stay with us to keep tuned into important events in the crypto world and to have a reliable crypto exchange at your fingertips!