According to Decrypt: As Bitcoin steadies around the $48,000 mark, representing an 11% rise from last week, about 91% of BTC holders are now realizing a profit on their investment; this includes those who invested at the peak of the last bullish cycle. Consequently, the prevailing advice from seasoned traders and Look Into Bitcoin's founder Philip Swift is to hold.
With the current price, Bitcoin's market capitalization now stands at roughly $940 billion. It falls 26% short of its all-time high of $1.28 trillion experienced in the Fall 2021. However, traders who invested in BTC during that bull run are nearing the breakeven point, emphasized CryptoQuant's founder and CEO, Ki Young Ju.
An upcoming event holding traders' attention is the impending Bitcoin halving, occurring in about 62 days, based on NiceHash's estimate. This event involves the reduction of rewards paid to Bitcoin miners for validating blockchain transactions from 6.25 to 3.125 BTC. Brokerage firm Bernstein has rated CleanSpark (CLSK) and Riot Platforms (RIOT) as must-purchase stocks ahead of the halving, suggesting that most U.S. listed miners are well-positioned, even if post-halving costs double.
Historically, the Bitcoin halving event has preceded bull runs, prompting traders to ready their Bitcoin halving trading strategies.
Meanwhile, Ethereum (ETH) has seen a 1.4% loss from its price within the last 24 hours, currently trading at $2,482.46. Despite a weekend trading mostly above $2,500, ETH traders are watching the upcoming Dencun upgrade on the mainnet, which promises to provide faster transactions and significantly lower fees.
