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What a remarkable week! It was indeed incredible for Bitcoin. We saw a new high price of $70,199.00 (03/08/24, 7:30 AM) for bitcoin, observing another record high! It was thrilling as bitcoin reaches yet another all-time high price. This will go down in cyrpto history.
It appears that bitcoin is restored to its former highs of November 2021 ($64,912.20, 11/10/2021, 4 PM). But this time, it has surpassed the old highs. The attitude toward cryptocurrencies and bitcoin is hopeful and promising.
However, none of this ensures an increasing trend. It's possible that this trend will shift.
About Bitcoin
Bitcoin is the world’s first widely-adopted cryptocurrency. With Bitcoin, people can securely and directly send each other digital money on the internet.
Unlike services which rely on the traditional financial system for permission to transfer money and on existing debit/credit accounts, Bitcoin is decentralized: any two people, anywhere in the world, can send Bitcoin to each other without the involvement of a bank, government, or other institution.
Source
Around April 16-17, 2024, the block reward will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
The quantity of new Bitcoins created is halved on the halving day every four years. This implies that the incentive for network security contributions is halves when Bitcoin halves, which has an immediate effect on the rate at which new Bitcoins are created and put into circulation. This is what is called the "halving day."
The method of limiting the overall quantity of Bitcoin and enhancing its rarity was incorporated by its creator, Satoshi Nakamoto, into the Bitcoin protocol.
When Bitcoin halves, the reward given to the contributors securing the network is reduced by 50%, directly impacting the rate at which new Bitcoins are introduced into circulation. And because there are only 21 million bitcoins and the halving makes fewer of them, the halving contributes to making bitcoins more scarce. Source
Because of this built-in scarcity and the historically high demand following the past halves events, there is a possibility that prices will rise as a result of digital rarity.
Will I be selling my Bitcoin soon?
If I have realized a significant profit on my cryptocurrency investment—let's say the asset has doubled or tripled in value—this could also be a good time to sell. Bitcoin might very well keep growing and developing and maintain its excellent market position, but I might desire to seize the opportunities that present itself.
This could be a wise choice if I wish to reallocate my capital and cash in. Otherwise, if I think the project has solid foundations, I can just sit on the holdings.
Reference
https://www.coinbase.com/bitcoin-halving
https://www.investopedia.com/when-to-sell-crypto-6502079#
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