Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,687.5 (-0.01%), according to CoinMarketCap.
The Bitcoin halving was activated yesterday, resulting in only 900 BTCs being mined per day in comparison to the 1,800 extracted so far. The block 630,000 was mined yesterday, May 11, 2020 at 21:23 CET by the mining pool AntPool. The reward for mining this block excluding commissions was 6.25 BTCs, while for the previous block it was 12.5 BTCs.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $188.4 (+0.2%), while XRP has dropped by 0.41% and is now trading at $0.195.
FxPro's team of analysts say:
"The third halving has already been activated and nothing special has happened. Both optimists, who expected the crypto's price to rise above $10,000, and pessimists, who expected it to collapse to $4,000, were wrong. Neither of them was right, as the real changes will actually affect miners.
The current reward given to miners will be a 50% lower, while the cost of mining a Bitcoin has remained the same. This will lead to further changes in the market, although it will take some time before they can be noticed. Due to the decrease in the profitability of the activity, miners will stop selling their mined Bitcoins, which will limit the issue of new coins in the market, which in turn will create a deficit and increase the price of the cryptocurrency.
However, now there are a lot more coins in circulation than after the crypto's first halving, so this scheme may not work. Meanwhile, very high daily trading volumes of approximately $60B are being recorded as well as signs of the formation of a parallel trend at approximately $8,700."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $238,506,521,727.
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