Bitcoin (BTC) saw a significant rise over the weekend and continued its upward trend against the dollar this morning, showcasing a bullish performance for the world’s leading cryptocurrency after its fourth halving event.
The market’s strength is also supported by a resurgence in risk-on assets, buoyed as tensions between Iran and Israel have temporarily eased.
Bitcoin has risen 11% since dropping to a six-week low of $59,600 on Friday, just one day before the Halving.
Following the Halving, transaction fees on the Bitcoin blockchain surged to all-time highs. Although they have decreased significantly since the fees remain among the highest recorded in 2024.
Grayscale analysts suggest that the elevated transaction fees could benefit Bitcoin miners, whose daily mining rewards were halved post-halving.
“If transaction fees stabilize at a higher level than before, the impact of the halving on miner revenue could be mitigated,” they noted in a research report.
At the time of writing, Bitcoin was trading at $66,018.78.
Ethereum (ETH) has gained from Bitcoin’s price increase, rising about 3% over the weekend and an additional 2% today. Currently, the ETH/USD pair is trading at $3,209.
In the wider altcoin market, Ripple (XRP) has increased by 3.4% over the past week, BNB has risen 4.5%, and Cardano (ADA) has seen a steady increase of 3%.
The meme coin Shiba Inu has experienced a significant surge, jumping 14.5% in the last seven days.
The total market capitalization of cryptocurrencies now stands at $2.43 trillion, with Bitcoin accounting for 53.6% of that value.
