Bitcoin's price surge shows no signs of abating as it nears the significant milestone of $35,000, continuing its strong upward trajectory. The cryptocurrency's resilience is observed in its ability to serve as a secure refuge during market downturns, as was the case recently, and as an investment with speculative value during upswings.
In recent weeks, the anticipated launch of the first US physical cryptocurrency ETF has provided a significant boost to Bitcoin. Furthermore, an important event in the timeline of the cryptocurrency is the upcoming halving scheduled for April 2024. Halvings are cyclical events that occur every 210,000 blocks - or approximately every four years - within the blockchain network that underpins this cryptocurrency. The process involves reducing miners' block rewards by fifty percent.
Historically speaking, these halving events have often been associated with price escalations in cryptocurrencies such as Bitcoin. The reduction in block rewards serves to decrease supply while demand remains constant or increases - leading to potential price hikes.
This year alone has seen some cryptocurrency funds rally over 100%, further highlighting their increasing popularity among investors worldwide. Following this trend, the Purpose Bitcoin ETF (TSX:EBIT) (BTCC.B) gained +2.87% over the week, with almost $18 million of inflows.
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