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Following the fourth halving, BTC‘s issuance rate was recorded at 0.83%, rendering it a more limited asset in comparison to gold, which has a mining rate of roughly 2.3%.
Analysts from Glassnode released a weekly report that analyzes Bitcoin’s fundamental network metrics in relation to its halving. One notable observation highlighted in the report is the shift in the title of the most scarce asset in terms of issuance from gold to BTC, as its daily mining output has decreased to approximately 450 BTC.
Additional noteworthy points mentioned in the report include:
- By the time of its halving, the volume of BTC mined constituted 93.75% of its total issuance. In the subsequent four years, an additional 3.125% — 656,600 BTC — will be mined.
- Currently, BTC issuance represents only 0.1% of total market transactions, which is on a continuous upward trend.
- At present, each unsold BTC yields an average return of 126%.
- In the last four years, total earnings for miners surpassed $3 billion.
- The overall on-chain value transferred has risen to $106.8 trillion, marking an 822% increase since the last halving.
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The intervals between halving events are referred to as epochs, with the fifth epoch commencing on April 20. Glassnode analysts pointed out intriguing figures related to the maximum growth and decline of BTC prices in relative terms:
- epoch 2: +5,315% and -85%;
- epoch 3: +1,336% and -83%;
- epoch 4: +569% and -77%.
They also conducted a separate analysis of Bitcoin’s price movements during the first year following the halving:
- epoch 2: +7,258% and -69.4%;
- epoch 3: +293% and -29.6%;
- epoch 4: +266% and -45.6%.
The report indicates that the data from the third and fourth epochs are more informative due to the more developed state of the market and the overall progress of the crypto industry compared to the second epoch. Consequently, historical data suggests a potential decline in BTC’s price within the range of 30% to 70% over the upcoming year. The fifth epoch on the Bitcoin blockchain began on April 20, 2024.
Сообщение Bitcoin Surpassed Gold in Terms of Scarcity Level появились сначала на CoinsPaid Media.
