From Nasdaq: 2024-03-21 13:38:36

Investors are hopeful for Bitcoin’s price rally, despite recent retracement and loss of momentum. The price is down 7% in the past week but up 58% YTD, hitting a high of $73,777. The upcoming halving event in mid-April is a major factor driving the price action.

Bitcoin’s price surge is tied to the upcoming halving event, reducing new supply. Some predict a rise in Bitcoin’s price post-halving, while others believe the market has already priced it in. Unicoin offers an alternative, energy-efficient ICO in response. Bitcoin’s dominance could decrease below 50% after halving.

The CEO of Unicoin, Alex Konanykhin, disagrees with predictions of Bitcoin reaching $10 million. He argues that there can be an unlimited number of Bitcoin-like cryptocurrencies, including Unicoin. Factors beyond halving, like Fed policies, can also impact Bitcoin’s price.

Historical trends suggest that the halving event boosts interest in Bitcoin but could decrease its dominance in the market. The Fed’s unlikely return to ultra-loose monetary policy may also favor Bitcoin’s price. Investors should be cautious of shifting interest towards other cryptocurrencies.

Read more at Nasdaq: Bitcoin Investors Should Be Cautious About Its Price Surge Due To Halving