The cryptocurrency market experienced a significant downturn this week, sparking fear and uncertainty among some investors. However, others remain calm, attributing the price drops to a predicted pre-halving correction similar to those seen in past Bitcoin (BTC) halving cycles. Meanwhile, BlockDAG is adopting a revolutionary PHANTOM Protocol which goes beyond the traditional blockchain technology.
Bitcoin Price Retreats, But is it Just a Bump in the Road?
The Bitcoin (BTC) took a tumble, reaching a low of $60,660 before rebounding to its current level around $65,000. This retracement follows a period of rapid price increases, leading some analysts like Rekt Capital to believe the current Bitcoin cycle is accelerated compared to previous ones.
Rekt Capital Post
Rekt Capital suggests that the current dip and consolidation phase are necessary to “decelerate and slow down the cycle,” ultimately bringing it closer to aligning with historical cycles. In simpler terms, the market might be taking a breather before continuing its upward trend.
The pain wasn’t limited to Bitcoin. Ethereum (ETH) dropped below $3,000, dragging down altcoins like Solana (SOL), XRP, Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB) by 20-50%. The ETH/BTC ratio also plunged to 2021 levels, leading analyst Benjamin Cowen to predict a potential bottom for ETH/BTC this summer.
How Bitcoin halving will affect the price of BTC?
Historically, after halving, the Bitcoin rate has always increased. Although not right away. According to SpotOnChain lead analyst Hannah Fung, the rise in cryptocurrency value usually begins six months or even a year after the mining rate decreases.
Thus, after the first halving in November 2012, the cost of BTC increased from $12 to more than $1,000 only by the end of 2013. A similar situation happened after the second event in July 2016 – the Bitcoin rate rose from $650 to almost $20 thousand only by December 2017. In the last cycle, the scenario repeated itself: the price of the first cryptocurrency broke a record level of $69 thousand a year and a half after the halving.
The fourth halving is very different from all previous cycles. The reason is completely different conditions on the crypto market. In particular, after the approval of spot Bitcoin ETFs, the first cryptocurrency became more widespread among institutions, which has never happened before.
BlockDAG and the Revolutionary PHANTOM Protocol
BlockDAG has great potential to revolutionize DLT by resolving the trilemma of scaling, security, and decentralization. The most prominent feature of the PHANTOM protocol is the use of Directed Acyclic Graph (DAG) for the purpose of achieving consensus in a decentralized setting. This combines the best features of the blockchain’s security and decentralization with the speed and scalability of DAG.
The PHANTOM protocol, whose consensus mechanism is built GHOSTDAG k-clusters algorithm and the network architecture, is a democratic and secure way. This shows that the BlockDAG is an effective solution to the longstanding issues that has been faced by the blockchain, positioning it as a scalable, secure and decentralized platform that is ready for mass adoption.
BlockDAG Presale is Selling Out!
The presale phase of BlockDAG is amazing, and it has accumulated $16.6 million. This is the case for Batch 8 of BDAG tokens and miners, which are priced at $0.0045 and miner sales already amounting to $2.1 million, which demonstrates the market confidence in BlockDAG’s ability to give 30,000x return.
The project has witnessed an overwhelming response in the form of a successful launch event at The Sphere in Las Vegas and the release of its technical whitepaper. This is a clear indication that the presale of BlockDAG will come to an end very soon and this will be an indication of a bright future for the early adopters.
The BlockDAG project has been successful in achieving its target of raising $16.6 million in its presale and an additional $2.1 million from miner sales. True to its promise, the project is delivering on its mission. Following the trend of the crypto industry toward smart and effective blockchain solutions, BlockDAG is the leader, offering a chance to take part in a network ready for a significant growth.
The post Crypto Market Jitters: Bitcoin Dips to $60K, BlockDAG Gains Attention with PHANTOM Protocol first appeared on The VR Soldier.
