Bitcoin Inflation Rate Now Lower Than Gold

Bitcoin (BTC), the original cryptocurrency, recently underwent its halving cycle, reducing rewards to miners by half. Many analysts consider halvings bullish as they reduce the supply of an asset, thereby increasing demand.

While discussing the impact of BTC’s latest halving cycle, Glassnode noted that ‘for the first time in history, Bitcoin’s steady-state issuance rate (0.83%) becomes lower than Gold (~2.3%), marking a historic handover in the title of the scarcest asset.‘

Source: Glassnode

Also Read: Bitcoin: Blackrock’s Spot BTC ETF Inches Closer To Top 10 List

Glassnode’s report shows that Bitcoin’s (BTC) inflation rate is now officially lower than GOLD. The development makes the original cryptocurrency the most scarce resource on the planet.

Will Bitcoin (BTC) rally since it’s now scarcer than gold?

bitcoin btc gold prices cryptocurrency xau usd

The cryptocurrency market has historically entered a bullish phase after a BTC halving event. A similar pattern may unfold this time as well. However, the crypto market seems to be undergoing another slump.

BTC has faced a 3.5% correction in the daily chart, an 8.9% correction in the 14-day chart, and an 8.5% dip over the previous month. The decline could be due to investor fears fuelled by the Iran-Israel conflict, inflation, and fading expectations of interest rate cuts.

Source: CoinGecko

Also Read: Tesla Says None of their $711 Million Bitcoin Was Sold in Q1 2024

Nonetheless, there is a possibility that Bitcoin (BTC) will enter a rally very soon. According to CoinCodex, BTC may hit a new all-time high very soon. The platform predicts BTC to hit $85,033 on May 22, 2024. Reaching $85,033 from current levels would translate to a growth of about 32.24%.

Source: CoinCodex

Changelly, on the other hand, is more bullish on Bitcoin (BTC). The platform anticipates BTC to hit a new all-time high of $74,381 on Apr. 26, 2024. Furthermore, the platform predicts BTC to surge to $87,121 by May 20, 2024.

  • bitcoin
  • GOLD

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media ...
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keep...
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elec...
Read more