After undergoing its fourth halving event over the weekend, Bitcoin has shown signs of stability and a slight increase in value. The halving, which occurs every four years, witnessed the reduction of the mining reward from 6.25 Bitcoin to 3.125, leading to a surge in transaction fees. In the aftermath of the halving, these fees soared to an all-time high of $127, albeit for a brief period.
Blockchain analytics firm IntotheBlock attributes Bitcoin’s current price stability to a strong support level, with approximately 1.66 million addresses having acquired the cryptocurrency at an average cost of $64,800. This price point may potentially act as a pivotal support if the market encounters further downward pressure.
Other cryptocurrencies, including Ether and Solana, have also experienced modest gains, with each showing an increase of nearly 1% as of Monday morning, trading at $3,100 and $152, respectively. The overall cryptocurrency market capitalization has witnessed a 1.13% increase over the past day, reaching $2.41 trillion.
