Bitcoin prices have risen in anticipation of US regulatory approval of exchange traded funds
Bitcoin did not display significant changes in prices during the halving, but it appears the digital asset has finally started moving forward. AFP

KEY POINTS

  • Bitcoiners on X believe the digital asset is headed beyond $70,000 and even $85,000
  • BTC plummeted in the week leading to the halving due as markets reacted to the Middle East conflict
  • BTC layer-2 tokens have been performing well since the halving, rising by 11% in the last 24 hours

Bitcoin (BTC) has finally made a more significant move after going through stagnancy during the halving, as the world's largest cryptocurrency by market capitalization passed $67,000 on Monday.

During halving on Saturday, the digital currency wasn't affected much by the once-in-four-years event and traded at around $63,000 and $64,000. By Sunday, it made a gradual climb to $65,000 and on Monday, it finally broke the $65,000 mark to hit $66,000. As of writing, the digital coin was trading between $66,800 and $67,100.

Bitcoin enthusiasts on X (formerly Twitter) picked up the climb and celebrated the development, considering the coin retaining a stagnant state when the cryptocurrency community was abuzz over the weekend.

One user suggested $70,000 is possible by Wednesday, while another said the world's first decentralized digital asset may finally move toward $85,000. Another user said Bitcoin's rise is a "great start to the week."

Bitcoiners have stayed optimistic throughout the digital currency's downtime. Some of the world's most prominent Bitcoin enthusiasts and maximalists also helped keep the enthusiasm up, including MicroStrategy founder and executive chairman Michael Saylor and Aqua Bitcoin developer Samson Mow.

Meanwhile, other Bitcoin-related tokens have also shown an uptrend, even surpassing Bitcoin's performance, in particular BTC layer-2 coins, which displayed significant boosts in market value post-halving.

Stacks saw a 10.4% increase, while Elastos surged by 9.4% in the last 24 hours, as per data from CoinGecko. The crypto market analytics site noted that the Bitcoin layer-2 sector's market cap had an increase of more than 11% in the last 24 hours with a valuation of $4.64 billion.

On the other hand, BTC was only up by 4.5% since the halving, wherein Bitcoin mining rewards were split in half to reduce the rate at which new coins are released into the market. In the last 24 hours, the digital asset was only 1.7% up and down 0.8% over the last week.

Predictions have been divided over how BTC will perform post-halving, but many Bitcoin believers see the cryptocurrency spiking and potentially hitting new all-time highs. Traditional investment banking giants, on the other hand, have warned that this year's halving cycle could possibly defy the previous ones that had significant gains after the halving event.

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