Following the successful completion of the much-anticipated 4th bitcoin halving, BTC, Shiba Inu (SHIB), Cardano (ADA) and XRP prices have recovered significantly, indicating increased investor interest in these popular crypto assets.
4th Bitcoin halving officially completed — Implications
As earlier predicted, the 4th Bitcoin halving event occurred at exactly 12:09 AM UTC on April 20, 2024, at a block height of 840,000. Containing approximately 3,063 transactions, the block size was 2.33 MB.
Following this historic development, the rewards issued to BTC miners for validating transactions and ensuring security on the Bitcoin network have been reduced to 3.125 BTC per block. Also, the BTC inflation rate is expected to drop to about 0.85%.
Notably, block reward was pegged at 6.25 BTC in the last four years (May 11, 2020 — April 20, 2024) before the 4th halving event. Programmed to occur every four years, Bitcoin halving was designed to ensure that BTC is neither oversupplied nor supplied too quickly.
Recall that only 21 million BTC will ever exist. By controlling its supply rate, demand for the leading cryptocurrency tends to increase accordingly. This explains why BTC always reaches new all-time highs after every halving.
At the time of the 4th bitcoin halving, the cryptocurrency was trading at around $63,440. However, at the time of writing, BTC is changing hands at $64,050, up about 1% in the past hour.
Read Also: Why Crypto Asset Prices are Set To Skyrocket in 2024
SHIB, ADA and XRP record price gains
While the crypto market is still adjusting to this development, several crypto assets, such as SHIB, XRP and ADA have recorded significant price gains. In particular, SHIB’s price has increased by over 3% in the past 24 hours, trading at $0.00002313 at press time.
While Shiba Inu seems to be strengthening in the short term, the memecoin is down by over 5% and 13% in the past seven and 30 days, respectively. Regardless, a top analyst recently submitted a bold prediction for SHIB as its price keeps retesting a key support level.
On the other hand, XRP has once again crossed the $0.5 resistance level, after retreating to $0.47 on Friday. Trading at $0.51 at press time, the XRP Ledger native is up over 3.7% in the past 24 hours, per Coingecko data. Despite lagging by 6% and 16% in the past week and 30 days, the expected launch of the Ripple stablecoin in 2024 and growing adoption from Grayscale and other leading asset managers could push XRP’s price to new highs in the coming months.
Related: XRP To Reach $5.5 or $4 Upon Bullish Golden Cross Formation
Likewise, ADA price has regained momentum in the short term as Cardano bulls push to break the $0.5 resistance level. Trading at $0.493 at press time, the 11th-largest cryptoasset by market cap is up over 7% in the past 24 hours. Based on historical patterns, a top analyst forecasted ADA to surpass $5 later this year.
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