(Photo: Shutterstock)

Bitcoin rose again on Wednesday (05) and posted an annual high of $ 9,731 at 3:23 pm after rising 5.1% on the day.

In Brazil, the price of cryptocurrency broke the R $ 41,000 for the first time in the year at the main brokers.

Bitcoin Price Index (IPB) BTC / BRL chart

In 2020, Bitcoin already accumulates 34% appreciation after a 2019 also high.

The market is now experiencing positive expectations as halving approaches.

Halving is an event scheduled to occur every 210,000 blocks mined from the Bitcoin network, which takes approximately 4 years.

This event cuts the issuance of digital currency in half, creating a supply shock (production) and increasing the scarcity of the asset in the market.

In November 2012, when the first Halving took place, the emission was reduced from 50 BTCs to 25 BTCs every 10 minutes (block mining time).

In the second Halving, which took place on July 9, 2016, that figure dropped to 12.5 BTCs. Starting with Halving in May, production per block will be 6.25 BTCs.

After the last two halvings, Bitcoin saw a sharp rise in the following months, which is creating a certain expectation that the same may happen during this year and the next.

In addition, Bitcoin's mining power has been breaking new records every month, which shows a large investment focused on the asset's long-term. In the past twelve months, mining power has tripled.

Cryptocurrencies on the rise

The main cryptocurrencies on the market are also operating at a high on the day. Ethereum and XRP earn 7.54% and 3.63% respectively.

Highlighted are Bitcoin Cash, which appreciates 13.71% and trades at $ 430 and Tezos, which continues to take off in 2020 with another 11.6% positive day. In 2020, Tezos accumulates an appreciation of 65%.

The capitalization of the crypto market also records the highest level of 2020, totaling US $ 271 billion.


Buy Bitcoin at Coinext

Buy Bitcoin and other cryptocurrencies at the safest broker in Brazil. Register and see how simple it is, visit: https://coinext.com.br

Do you want to receive the main news and analysis? Place your email below!

LEAVE A REPLY

Please enter your comment!
Please enter your name here