Cryptocurrency

April 30, 2020

Bitcoin Skyrockets Above $9,200 Increasing Trading Volume in Spot and Futures Markets

Bitcoin (BTC) was able to skyrocket above $9,200 for the first time since February when the virtual currency was in a bull market before the entire Coronavirus crisis affected the economy. Due to the current halving event discussion among enthusiasts, it seems that traders decide to enter the market not to be left behind. 

Bitcoin Surges As Halving Gets Closer

One of the most important things related to the price increase experienced by Bitcoin and cryptocurrencies is related to the halving event that will take place as soon as on May 12. In this way, Bitcoin miners will be producing half of the rewards produced now. The new issuance of Bitcoin will fall from 12.5 BTC to 6.25 BTC per block. 

Every four years – more specifically every 210,000 blocks – Bitcoin new issuance gets cut by half, something that doesn’t happen in fiat currencies. There are other digital assets that have experienced halvings, including Litecoin (LTC). 

(Image provided by Bitcoinblockhalf.com)

If the demand for Bitcoin starts growing again and surpasses the offering and selling of BTC, we could see a large price increase that could help other virtual currencies to also reach new highs in a short period of time. 

This is why it is very important to properly understand the effect a reduction in the supply of Bitcoin could have on the market. Just to put it into context, the first two times that Bitcoin experienced a halving event, it massively surged and broke previous all-time highs. 

(Image provided by Massmux.com)

As we can see, after Bitcoin halvings, the price surged for several months. In this way, Bitcoin reached $20,000 in December 2017 when the entire market was investing in Initial Coin Offerings (ICOs). 

Binance Sets New Trading Volume Record

Binance was able to set a new trading volume record with the current market bullishness. Indeed, the exchange was able to register a massive trading volume of almost $16 billion in the last 24 hours. 

According to Changpeng Zhao (CZ) – the CEO and founder of Binance – the market entered into a FOMO mode in the last few hours.

Of course, the market has entered now into a correction after such a strong move upwards. This is why Bitcoin is now being traded close to $8,800. It will be important to follow how Bitcoin will behave in the coming days and if it is possible for it to continue this upward trend towards new highs. 

The halving event is going to be very positive for the crypto market and it seems it is already attracting investors into BTC. This is despite the Coronavirus outbreak that affected the market in mid-February pushing Bitcoin to $3,800. After surpassing $9,200, Bitcoin grew by over 240% from its lowest price point in February 2020. 

AltSignals Team

Proficient authors guiding you with transparency, integrity and education through the finance international markets

The AltSignals writing team consists of experts dedicated to the world of finance and technology, with a particular focus on cryptocurrencies and forex. Our writers bring a broad range of knowledge and experience, cultivated through years of arduous and direct involvement in financial markets, as well as intense technological collaboration.

Editorial approach

At AltSignals, we believe that transparency and education are the key to empowering our readers. Therefore, our content is meticulously researched to ensure its accuracy and thoroughness. Each of our articles is created with the aim of providing educational insights and in-depth analysis, helping both beginners and experienced traders.

Commitment to quality

Integrity is certainly the foundation of our editorial process. The team follows rigorous journalistic standards with careful review, all to ensure that each publication is meticulously researched and exceeds our readers’ expectations.

Our mission is to provide analysis that informs as well as guides users and enthusiasts through the complexities of the cryptocurrency and forex markets. In line with our motto of “quality over quantity”, we guarantee that only the highest quality trading signals are published.

In addition to our commitment, which extends beyond the simple transmission of useful information, our in-depth analysis focuses on profitability and effectiveness squarely, avoiding the common industry habit of prioritizing profit over accuracy. Our traders are strategic experts who offer personalized help to those seeking worthwhile portfolio management tactics.

Diverse knowledge

Our authors are proficient in a variety of topics across the financial spectrum, from emerging trends in blockchain to the nuances of forex trading. This diverse range of knowledge allows the team to cover several topics, ensuring our content is always comprehensive and deeply specialized.

Interactivity and support

We understand that the world of trading can be complex for many. Therefore, alongside producing informative articles, our team is also committed to interacting with the community. Through comment sections, forums and direct support, we encourage our readers to seek clarification and sharpen their understanding, promoting an environment of continuous learning.

Future vision

Looking to the future, the AltSignals writing team is imbued with a vision that transcends regular publishing, and continues to dedicate itself to discovering and reporting on the latest innovations and trends available in the market. We are constantly seeking to improve our skills and expand our knowledge, with the ultimate goal of being a reliable and respected source in digital financial journalism.

There is great commitment to discovering and reporting not only the latest news and trends in the market, but also to equipping our readers with the tools they need to navigate volatile markets with confidence. We firmly believe that, with the support of an appropriate platform coupled with accurate guidance, our readers and traders can turn market volatility into a competitive advantage.

Join us

Follow AltSignals to stay up to date with the latest developments in the world of finance and technology, and explore how our insights can help improve your trading strategies. The AltSignals team is here to guide you through the exciting, dynamic and challenging world of financial markets.

Latest posts author AltSignals Team

Latest posts from the category Cryptocurrency