Bitcoin, the world’s largest cryptocurrency, has witnessed a remarkable price surge, hitting its highest point since the much-anticipated halving event on April 19. The digital asset touched a recent high of $67,422 on Friday before experiencing a slight dip.
According to data from CoinGecko, Bitcoin is up by nearly 3% in the past day and has risen by more than 9% over the past seven days. At the time of writing, the cryptocurrency is priced at $66,750. The last time Bitcoin reached today’s high was on April 13, more than a month ago.
The price surge comes on the heels of the halving event, a quadrennial occurrence programmed into Bitcoin’s code. As expected, Bitcoin’s price initially dropped following the halving, which reduced the mining rewards for processing transactions on the network from 6.25 BTC to 3.125 BTC per block.
However, the virtual asset has been rising steadily ever since, fueled by a combination of factors including geopolitical turmoil, cooling hype surrounding the new spot exchange-traded funds (ETFs), and investor uncertainty surrounding the Federal Reserve’s next moves.
While Bitcoin’s current price is still below its all-time high of $73,737 set in March, the recent surge suggests renewed investor confidence and interest in the cryptocurrency market.
Designed as a deflationary feature, the halving event aims to ensure that as time goes on, it becomes increasingly difficult to create new virtual coins. Four halvings have now taken place, and historically, the price of Bitcoin has typically risen about a year after each event.
Bitcoin’s rise this year has been largely attributed to the influx of new investors putting money into the asset via the recently approved spot ETFs. These investment vehicles, which were approved in January, have proven to be massively popular, receiving billions of dollars in inflows.
As the crypto market continues to evolve and garner mainstream attention, Bitcoin’s resilience and ability to bounce back from market fluctuations continue to solidify its position as the leading digital asset.
