The price of bitcoin has experienced the strongest first half of a year since 2019, nearly doubling in value since the start of 2023.
The world’s leading cryptocurrency reached above $31,000 this week, up from $16,000 in January, pushing its market cap above $600 million for the first time in more than a year.
Some crypto analysts suggest the approaching ‘halving’ event, which will see bitcoin mining rewards drop by 50 per cent, could be one factor behind the cryptocurrency’s positive price trend.
Bitcoin’s halving takes place roughly every four years, with the crypto’s price cycles viewed by many traders and investors as being intrinsically link to the event. Sometimes referred to as “the halvening”, the seismic event is built-in to bitcoin’s technological foundations, and is aimed at making the digital currency anti-inflationary by reducing its supply.