By Crypto markets are in overdrive as Bitcoin (BTC) hammered a new all-time high yesterday, but with cryptocurrencies skyrocketing across the space, why is Bitcoin pumping ahead of Halving? And could Green Bitcoin offer best late-entrant alternative?
The past two years have seen crypto markets weather a tough crypto winter, with crises such as the collapse of FTX and Terralabs sending prices tumbling (in the instance of Bitcoin -77%).
Yet, in a bounce back from rock-bottom at $15,925, Bitcoin price has since recovered to return above $69,000 – a new all-time high – delivering 99.9% of BTC holders to profit.
One way to gauge the profitability of the market for any specific cohorts of #Bitcoin investors is to leverage their on-chain cost basis and compare it with the spot price.
Long-Term Holders = $20.7K
Short-Term Holders = $45.8K
Market Realized Price = $24.4K
With price… pic.twitter.com/OHDeZsXvZm
— glassnode (@glassnode) March 6, 2024
As BTC Slams New All Time High: Why is Bitcoin Price Pumping?
The recovery out of Bitcoin’s crypto winter has been primarily fuelled by two-factors, both of which act to impact opposite ends of supply dynamics.
Initial recovery moves, which began to emerge in October/November 2023, were fuelled by anticipation and excitement around a long-awaited decision by the Securities and Exchange Commission (SEC) over spot BTC ETFs.
However, in January, rumor became news, and the SEC approved 11 spot BTC ETF applications in a sweeping move.
This introduces an on-ramp for institutional capital in the United States, and the months since have seen a steady accumulation of Bitcoin by financial institutions such as pension funds – creating a new buy-pressure force in the market.
With the increased demand for Bitcoin, which was already held 99% in the hands of long-term holders, recent price action has been fuelled by accumulation against circulating supply (around 1% of Bitcoin).
Bitcoin Halving Event in Late April Could Trigger Super Cycle Bull Run
Yet, for many, this is just the early days of a major super-cycle bull run, expected to be initiated by the Bitcoin halving event in late April.
Every four-years, Bitcoin is programmed to reduce miner’s rewards by -50%, as part of a deflationary mechanism.
When this occurs, typically, Bitcoin miners hoard their freshly mined Bitcoin, in anticipation of the upcoming reduction in rewards – this induces a supply shock on the market, which is extended by the reduced supply post-halving event.
It can be seen therefore, that 2024 is a special year for BTC, with increased demand stemming from BTC ETF hurtling towards an imminent Bitcoin supply shock stemming from the Halving event.
Could Green Bitcoin (GBTC) Offer Superior Return To Bitcoin in 2024 Bull Run?
As Bitcoin slams new all-time highs, investors are racing to find the best possible ‘Bitcoin beta’ plays, which could pump alongside BTC price action.
Bitcoin beta plays are typically Bitcoin-linked tokens that crypto investors associate with Bitcoin, yet, at comparatively far more alluring market caps.
To paint a picture, for Bitcoin to undertake a 2x move from here, the huge $1,309,797,271,394 ($1.3tn) Bitcoin market cap would need to double to $2.6tn.
Whereas, for a comparable coin like Green Bitcoin, which has currently raised a market cap of $2m, there would need to be a simple influx of $2m in capital for a 2x return.
Another way of looking at it, is imagining the opportunity to buy Bitcoin at rock-bottom pricing in 2011 – the early-backers advantage.
But How Does Green Bitcoin Actually Work?
Built on Ethereum’s infrastructure using the ERC-20 token standard, Green Bitcoin introduces a massive reduction in carbon emissions utilizing Ethereum 2.0’s high-speed, low-energy proof-of-stake network.
This delivers a jaw-dropping 10,000 times reduction in energy consumption compared to traditional proof of work Bitcoin mining.
However, the fundamental paradigm shift delivered by this pathbreaking eco-crypto rests in its launch of an engaging gamified staking model that not only generates passive income for holders, but also ignites a high-octane ecosystem.
The idea here is based around Bitcoin prediction markets, which engage players with daily predictive challenges aiming to test trading ability and acumen.
To win, players must stake their $GBTC to successfully forecast Bitcoin’s daily price movements, with correct calls receiving substantial $GBTC rewards – including up to 100% token bonuses!
The Road Ahead For Green Bitcoin: Empowering Eco-Revolution in Blockchain 2024
With an engaging product aiming to deliver fun to staking, and a growing community – fueled by affiliates and influencers, it’s clear that Green Bitcoin is heading for a promising future, but how is the roadmap shaping up?
As Green Bitcoin heads into the next presale phase, the project’s roadmap promises a series of exciting developments designed to enhance engagement and promote sustainability.
From plans to supercharge marketing efforts, to the launch of the highly anticipated predict-2-earn mechanism, and even the listing of $GBTC on premier exchanges, 2024 is poised for a growth trajectory.So don’t miss out on investment returns that have every chance of outshining Bitcoin – connect with Green Bitcoin on X and Telegram.
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