Bitcoin

Surge in BTC

Bitcoin (BTC) has surpassed its previous all-time high (ATH) it reached earlier in the day, and has jumped over the $40k handle on Thursday afternoon. The crypto asset’s dominance index compared to the value of the rest of the crypto economy is 68.8% today. The price has spiked $20,000 higher than the prior ATH captured three years ago in 2017. On Thursday, bitcoin (BTC) touched a high of $40,382 at the time of publication.

There’s currently 18.5 million BTC in existence (88.54%) and there’s only 13.51% left for bitcoin miners to mine. As news.Bitcoin.com reported during our last market update, BTC’s hashrate has been riding very high.

The overall hashrate has been fluctuating between 150 to 160 exahash per second, as miners are dedicating a lot of processing power to the chain. Miners today only get 6.25 BTC per block reward and the bitcoin inflation rate per annum is only 1.78% with 900 BTC issued per day.

The next Bitcoin (BTC) halving is expected in 1,215 days or on or around May 7, 2024. At that time the bitcoin inflation rate per annum at the next block halving event will be 0.84%. While the global economy is uncertain, Gavin Smith, the CEO of Panxora thinks that market players are protecting their wealth with the leading crypto asset.

“It’s no surprise that the world is watching bitcoin right now. Its price is soaring as the after-effects of the COVID monetary stimulus continues to raise concerns about inflation,” Smith said as BTC was nearing the $40k handle

Source: https://news.bitcoin.com/btc-reaches-40000-bitcoin-rises-in-the-eye-of-a-perfect-storm/