The long-awaited fourth Bitcoin halving finally took place on April 20, 2024, after four years of anticipation since 2020.
The event was of immense significance for the Bitcoin ecosystem, as it immediately decreased mining rewards.
However, the crypto community noticed that the Bitcoin price did not react as strongly as expected following the halving.
According to data from CoinGecko, Bitcoin's price stayed the same after the halving, moving within the $64k price range throughout the day.
In fact, the weekly chart shows that the price decreased by more than 5%. Nevertheless, Bitcoin's halving in 2024 comes at a time when the crypto market was experiencing difficulties.
Dramatic Week for Bitcoin
Over the past few weeks, the apex cryptocurrency has significantly dropped from its all-time high of nearly $74k to almost below $60.
This decline seems to have coincided with the escalating tensions between Israel and Iran, prompting many crypto traders and investors to move their assets away from the market. As a result, there were massive liquidations in the market, with over $2.5 billion worth of liquidations taking place between April 12th and 14th.
The data suggests that most traders had taken a bullish stance before the unexpected market crash, as the majority of liquidations were long.
Bitcoin's recent drama has had a ripple effect on the crypto market, with Ethereum dropping below $3,000 at one point.
Additionally, the monthly price chart shows a price dip of more than 10%. Other major cryptocurrencies like Solana, Cardano, XRP, and Dogecoin have also experienced price depreciation.
The question at hand is whether Bitcoin's value can recover in the crypto market following significant decreases.
Experts' analysis suggests that Bitcoin is not moving towards a bullish or bearish market.
Despite this, price fluctuations will remain constant in the market after the halving, according to Decrypt.
Current Bitcoin and Crypto Market Price Performance
At press time, Bitcoin is currently above $66,000, although it is fluctuating between $65k and $64k.
Other metrics, like Bitcoin's market valuation, have also increased since the halving. So, one of the reactions to the Bitcoin halving was the market cap moving up to $1.28 trillion.
However, it is not only Bitcoin that is seeing a post-halving reaction.
According to data from CoinMarketCap, other altcoins, such as Solana, Toncoin, Ethereum, BNB, AVAX, and many others, made a comeback.
At the time of writing, Toncoin is trading at $6.07, while Solana climbed to over $150 after staying below it for weeks.
Meme coins were not left out of the fun as some experienced significant surges after the 2024 Bitcoin halving. Their cumulative market capitalization increased from $47 billion to over $56 billion during this time.
Notably, memecoins such as Dogecoin, Shiba Inu, Pepe, Dogwifhat, and cat meme tokens played a significant role in contributing to this market cap.