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Illustration by Mitchell Preffer for Decrypt.
The long-anticipated halving event took place on 4/20 and after all the hype and speculation, Bitcoin is…sitting pretty still.
CoinGecko shows that the top coin’s price stands at $64,041, after dropping by 5% in seven days. Over the past 24 hours—which included the fourth reduction in mining rewards since the birth of BTC—it hasn’t moved at all.
It’s still been a dramatic week for the biggest digital asset by market cap after it got battered last weekend by massive liquidations and trouble in the Middle East. At one point, it dipped below $60,000 for the first time since late February.
Its most recent all-time high of nearly $74,000 was achieved last month. Post halving, it doesn’t look like BTC is fueling up for a bull run, but a bear attack also seems unlikely.
Still, experts told Decrypt that the pre-halving run-up usually leads to a lot of volatility.
Elsewhere on the market, Ethereum’s price has dropped by more than 6%. The second-biggest digital coin is now priced at $3,063. A report earlier in the week showed that investors were fast cashing out of digital asset investment products tracking Ethereum, and it has certainly suffered the most out of the biggest coins and tokens.
In the world of altcoins, meme coins also fared badly, with Pepe, Bonk, and Dogecoin all down significantly—12%, 13%, and 10% respectively over the last week.
ApeCoin got shredded earlier in the week when the wider crypto market took a hit, but it has since recovered from nearly hitting an all-time low. Over seven days, it’s dropped about 3% and is now priced at $1.26.
Edited by Ryan Ozawa.
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