Bitcoin Races Above 9,300 – Upcoming BTC Halving Is Accelerating Hype
The crypto market looks pretty great today, with all essential coins trading in the green.
Bitcoin seems to be racing towards 9,400, and analysts really hope to see the most important coin in the market surpassing the psychological level of $10k once again.
Bitcoin halving reportedly triggers massive hype
As you already know by now, Bitcoin’s halving is scheduled for May this year.
The crypto community is divided on whether or not the halving is already priced in. One thing is certain: this topic is gaining massive attention.
Arcane Research is a Norwegian crypto intelligence company that just said that Google searches for the term Bitcoin halving spiked during the past year.
The company said that research revealed that the level of interest for this phrase surges. They used data from Google Trends.
In January 2019, searches for this term were under 20, and a year later, they show peak popularity – 100.
The last time that BTC spiked in popularity wad back in 2016 when the crypto halved for the second time. Back then, the price grew by 125%.
This year, in may the BTC rewards will be halved from 12.5 BTC to 6.25 BTC per block. The other events triggered a bull market, but today not all crypto enthusiasts think that it will happen the same.
Bitcoin price surges as the coronavirus triggers fear worldwide
This important surge that Bitcoin has been showing since yesterday comes after a week of correction which analysts called natural following a previous surge in price.
Meanwhile, as we already reported, the US Equities started the week with a massive sell-off.
All the three major indices are in the red amidst the fear of the coronavirus outbreak, according to the latest reports.
At the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $9,345.52.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.