look news india
Mumbai: Cryptocurrencies saw gains in the last twenty-four hours, led by leading crypto Bitcoin ahead of the halving. Bitcoin was quoting near $72,500 late in the evening after hitting a low of $6,904 in the last twenty-four hours.
Other cryptos like Ethereum, BNB, Solana also lagged behind Bitcoin.
In a halving situation, the rate of creation of new coins decreases, resulting in the supply of that crypto being affected and the price increasing. Market circles say that till now the process of halving has been fast.
An analyst explained the technicality by saying that at the time of the halving, returns from mining transactions are reduced by 50 percent, leading to a reduction in the amount of new coins minted.
The halt is expected to take place on April 20. The total market cap of cryptocurrencies has crossed $2.59 trillion. Bitcoin has seen an increase of 145 percent in the last one year.