Hassan Maishera
TL;DR
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BTC is up by more than 1% over the last 24 hours but is down by 9% in April.
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The poor performance comes despite the Bitcoin halving earlier this month.
BTC Loses 9% of Its Value in April
The cryptocurrency was bearish in April, with Bitcoin and other leading cryptocurrencies recording losses. BTC, the world’s leading digital currency by market cap, lost more than 9% of its value this month as bears took control of the market.
Bitcoin began April trading at $71,333 per coin. However, it has lost 9.17% of its value over the last 30 days and now trades at $63,617. The poor performance came despite the Bitcoin halving event.
Bitcoin halving is generally considered a bullish event in the crypto ecosystem but this month’s halving is yet to make an impact on the market. This latest halving saw miners’ block subsidy rewards drop from 6.25 BTC to 3.125 BTC.
Despite its poor performance in April, Bitcoin is still up by 50% year-to-date. BTC began 2024 trading at $42,200 per coin. However, it has added 50% to its value since then, thanks to the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Market participants are optimistic that BTC could still surge higher in the coming months. Analysts expect BTC to trade between $120k to $150k at the peak of this bullish cycle.
