Bitcoin Price Jumps to $41,500 For The First Time in 19 Months. Solana up 550%
Bitcoin began the year 2023 with a low price of around $16,500. Throughout the year we saw a steady upward movement in the price overall. Even as the year comes to an end, Bitcoin is currently not only at the highest price of this year, but at a 19-month high of $41,500. To put this into perspective, this was approx. 150% jump from $16,500 price.
However, this might not be a coincidence, as many have been expecting the price to reach new highs, due to the upcoming halving. This is when the mining reward for Bitcoin is reduced to half.
Currently, the reward is at 6.25 Bitcoin per block mined, and upon the next halving, this will be reduced to 3.125 BTC. The event takes place every four years or so. The next halving is expected around Q2 of 2024, which is only a few months away now.
Along with Bitcoin, many altcoins also gained higher prices, including ETH and SOL. Ethereum (ETH) is currently at $2250 (+88% YTD, or 1.88x), while Solana (SOL) is currently around $65 (+550% YTD, or 6.5x). It's fair to say that Solana was one of the best performers of 2023!
Disclaimer: This is not financial advice, please know the risks before investing.
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