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Greed reflects a market where investors are buying because they expect prices will rise.Īccording to the widely cited Crypto Fear & Greed Index at, which tracks crypto trends, the market is currently in a state of Fear - meaning crypto holders in general are selling their assets for fear of future losses. Fear reflects a market in which investors sell their assets because they’re concerned prices will fall. Sentimentīitcoin prices can be affected by people’s attitudes towards it.Ī fear and greed index is a tool used by investors to gauge sentiment in a market. Ethereum (ETH) and Cardano (ADA) both fell by similar amounts, meaning Bitcoin’s losses weren’t its competitors’ gains.Įven stablecoins that were created as a less volatile alternative to traditional crypto assets have been negatively affected by global economic factors. It’s interesting to note that the crypto crash that began in May and took more than 50% off Bitcoin’s value also affected its competition. Supporters might argue that Bitcoin cannot be directly compared to such altcoins. It’s still the biggest cryptocurrency by market capitalisation and has even been adopted as a state currency in El Salvador - something that no altcoin can boast.ĭetractors have argued that some altcoins have more potential than bitcoin because, while the latter is a system for payments alone, Ethereum, Cardano and Ripple feature programmable blockchains that can host smart contracts and decentralised apps (dApps). The emergence of cheaper, faster altcoins has not cost Bitcoin its crown as the king of cryptocurrencies. On the other hand, the crash and its illustration of crypto’s volatility may have had the opposite effect, cooling off demand.įinally, the next bitcoin halving is due to take place in the spring of 2024, and demand could increase before that time in anticipation of the supply squeeze it theoretically brings. This is down from its January 2022 peak of 22 million.Ī recent crash in bitcoin prices may have increased demand as speculators look to ‘buy the dip’ - assuming they’ll make a profit when prices recover. At the time of writing, there were around 4.4 million active addresses, according to Glassnode data. As we know, bitcoin is a finite resource that is going to become scarcer over time.Īnother worthwhile indication of demand is the number of active bitcoin addresses, since you need an active address to buy bitcoin. Growing demand for a finite resource should increase its value.
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However, the halving mechanism effectively puts a constraint on supply that could push up prices if demand increases in future. So, in the medium term, bitcoin will not be in short supply. It’s expected the reward will be 1.56BTC by the end of 2024, which means it’ll be decades before all 21,000,000 bitcoins are minted. Four years later, it was halved to 25 and the reward halves every four years. When Bitcoin began, the reward given to miners for adding a block of transactions to the blockchain was 50BTC. This is because the minting of new bitcoins is set at a fixed rate which slows over time. However, while the unmined supply of BTC represents over 10% of the total supply of BTC, it doesn’t mean the 21,000,000 limit will be reached in 14 months’ (10% of 12 years) time. More than 19,000,000 BTC have already been minted over the last 12 years, leaving around 2,000,000 more to be mined. As a reward, they’re gifted an amount of newly minted bitcoin.
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New bitcoins are minted when a new block of verified transactions is added to the blockchain by a bitcoin miner ( read more here). The total amount of bitcoin that will ever be available is capped at 21,000,000, which means supply is limited. The more scarce an asset becomes, the more valuable it tends to get.