Bitcoin has experienced a modest rise after its halving event, with the top cryptocurrency sitting stable at $66,000—a nearly 2% gain—on Monday morning.
Bitcoin went through the halving phase on Friday and Saturday, which divided the mining reward from 6.25 Bitcoin to 3.125. Bitcoin’s price experienced weeks of volatility leading up to the event.
The technical event known as ‘halving’ occurs every four years and will continue until all 21 million Bitcoin are mined. The feature is important because it creates a monetary system that controls inflation.
The process will continue until roughly 2140. After the latest halving, 29 more halving events will occur before the final reward of just one satoshi (the smallest unit of the Bitcoin) is granted.
Bitcoin is currently sitting at a solid support level, according to blockchain analytics firm IntotheBlock. “Bitcoin is currently positioned right on top of a key demand zone, with 1.66 million addresses having purchased it at an average price of $64,800,” IntotheBlock posted on X $TWTR.
“This price point could potentially act as a strong support level should the market experience further downward pressure.”
Moreover, after the halving, Bitcoin transaction fees skyrocketed to an all-time high of $127 for a short time over the weekend, according to Bitinfo Charts.
Other cryptocurrencies like Ether and Solana saw a slight rise, each trading up nearly 1% as of Monday morning at $3,100 and $152, respectively. Over the last day, the global crypto market cap increased by 1.13% to $2.41 trillion, according to CoinMarketCap.