The Halving is almost upon us!
With only 50,000 blocks left to go, the next Bitcoin (BTC) halving is almost upon us! Now, whilst this is a routine occurrence and everyone in the Bitcoin community is used to halving's by now. There has been quite a few different opinions coming from analysts in the run up to this bitcoin halving.
For those of you who don't know what a Bitcoin halving is, it's a functionality built into Bitcoin's blockchain technology that helps control the scarcity of bitcoin, every 210,000 blocks that are mined, a Bitcoin halving occurs. This is where the reward for mining a block is halved, for example the current reward is 6.25 Bitcoins per block, this upcoming halving, you guessed it! That reward will drop to 3.125 Bitcoins. A sharp difference from when Satoshi Nakamoto was the only miner and had the reward set at 50 BTC per block!
Altcoins may get catapulted
Van de Poppe, a renowned crypto analyst recently commented about some of his long standing research around Bitcoin halving going back to around 2016. It showed a correlation between a BTC halving and Altcoin market cap propelling upwards.
This is most likely due to the fact that when a Bitcoin halving occurs, the price of BTC tends to sharply rise and investors look at other investments such as ETH which have much lower prices currently whilst they wait for the price of Bitcoin to settle.