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Cryptocurrency News Articles
BTC Price Stabilizes Post-Halving, Altcoins Show Mixed Performance
Apr 20, 2024 at 12:56 pm
Amid market fluctuations, Bitcoin's price stabilizes after the halving event, while altcoins like ADA and ICP experience gains. Tether's announcement regarding its stablecoin launch on TON's network initially boosted its price but later triggered a decline. The overall crypto market capitalization remains stable at around $2.450 trillion.
Bitcoin's Price Hovers After Halving, Altcoins Fluctuate Modestly
In the lead-up to the highly anticipated fourth halving, Bitcoin (BTC) experienced extreme volatility. Following the event, its price has remained relatively stable.
BTC Halving Leaves Price Calm
Bitcoin's price volatility commenced last Friday, plummeting from over $71,000 to $65,000. It regained some ground on Saturday but subsequently declined to $61,000 amid escalating tensions between Israel and Iran.
Unfulfilled attempts at recovery ensued throughout Monday and the subsequent business week. Israel's attack on Iran sparked a further price drop, pushing BTC below $60,000.
However, BTC swiftly rebounded to $65,000 hours later after Iran signaled no imminent retaliation. The past 24 hours have been considerably less eventful, despite the imminent fourth halving.
The halving event, which reduces block rewards to 3.125 BTC, occurred several hours ago. Since then, Bitcoin's price has remained relatively stable at approximately $64,000.
Its market capitalization exceeds $1.250 trillion, with a dominance of 51.5% over other cryptocurrencies listed on CoinGecko.
Altcoins React Differently to Tether News
In addition to the halving, significant news emerged from Tether and Ton yesterday. Tether announced the launch of two of its largest stablecoins on Ton's network.
TON's price reacted immediately, surging in value but also experiencing a substantial decline in subsequent hours. As of this writing, TON has lost approximately 12%.
In contrast, ICP has surged by 13%, trading above $14. ADA has gained 7%, approaching $0.5. Other major altcoins have also recorded modest gains.
The total cryptocurrency market capitalization remains steady at around $2.450 trillion on CoinGecko.
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