Bitcoin price experienced extreme volatility in the days leading up to the highly anticipated fourth halving, but remained relatively calm after its completion.
Most altcoins are slightly in the green on a daily basis, with the exception of TON, which has fallen double digits despite the big news from Tether.
BTC's calm after the halving
Bitcoin's adverse price movements began last Friday when the asset plummeted from over $71,000 to $65,000. It rallied a few grand the next day, but hours later fell further to $61,000 amid increasing conflict between Israel and Iran.
After another unsuccessful recovery attempt on Monday, the cryptocurrency also started losing value during the fiscal week. Israel's attack on Iran earlier this week caused another price drop for BTC, this time falling below $60,000.
However, the price quickly recovered and rose to $65,000 hours later as Iran said there would be no retaliation soon. The last 24 hours have been significantly less eventful, although the Bitcoin network was preparing for the fourth halving.
The event's completion occurred hours ago, reducing the block rewards to 3,125 BTC. So far, the price of Bitcoin has remained relatively stable and is around $64,000.
Its market cap is over $1.250 trillion and its dominance over alts is 51.5% on CG.
Bitcoin/price/chart. Source: TradingView
ADA, ICP on the run
Perhaps the most notable news, aside from the halving, came from Tether and Ton yesterday. The former announced that it will launch two of its largest stablecoins on the latter's network. This immediately impacted the price of TON, with a price increase but also a massive decline in the following hours. Currently, the asset is down 12%.
In contrast, ICP is up 13% and trading above $14. ADA is up 7% and has approached $0.5. The rest of the large-cap alternatives are also in the green, albeit to a more modest extent.
The total crypto market cap remains calm at around $2.450 trillion on CoinGecko.
Overview of the cryptocurrency market 04/20/2024. Source: QuantifyCrypto
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Cryptocurrency charts from TradingView.
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