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Onramp Bitcoin Founder Names Reason Behind Bitcoin's Rally

Onramp Bitcoin Founder Names Reason Behind Bitcoin's Rally

HappyCoinNews2024/11/13 06:33
By: HappyCoinNews
BTC-0.08%RLY0.00%

Founder of Onramp Bitcoin Jesse Myers said that Donald Trump's victory in the US presidential election is not the key factor in the Bitcoin rally. In his opinion, there are more fundamental forces at work in the market that have a direct impact on the value of the first cryptocurrency.

Onramp Bitcoin Founder Names Reason Behind Bitcoin's Rally image 0

Myers believes April is key to Bitcoin's rally halving , due to which the block reward dropped from 6,25 to 3,125 BTC. Now miners have to solve increasingly complex problems for less reward, the expert noted.

He drew attention to the fact that a classic shortage of cryptocurrency supply has now formed on the market, and at current prices it is completely insufficient to satisfy demand.

In addition, the price of Bitcoin is being pushed up by the situation with spot prices. bitcoin ETF , launched in January 2024. On November 11 alone, funds bought over 13 bitcoins, while miners were able to mine only 940 coins. Such an imbalance also causes an increase in digital gold prices, the analyst believes.

According to him, history is repeating itself, as it did after the halvings of 2012, 2016, 2020, and we should expect an increase in Bitcoin prices, although there will definitely be a correction in the rate.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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