We are at a time where institutional adoption, market maturity, and growing investor confidence have propelled Bitcoin into never-before-explored territories. Bitcoin has surpassed all expectations by reaching new all-time highs (ATH), proving once again its position as the most resilient and valuable digital asset on the market.
Every four years, bitcoin undergoes a key event known as halving. During this process, the reward miners receive for validating blocks on the network is halved, limiting the issuance of new bitcoins. This adjustment programmed by Satoshi Nakamoto not only reinforces Bitcoin's digital scarcity but has also proven to be a potent catalyst for bullish price cycles.
History backs us up: previous halvings (2012, 2016, and 2020) ushered in significant rallies, and 2024 is no exception. The recent reduction in issuance to just 3.125 BTC per block has increased pressure on supply in a context where demand continues to rise, especially thanks to factors far beyond adoption.
In an article written earlier this year 2024 on the Money On Chain blog called "What is a bull run?", we commented on the possibility that after the halving, which occurred in April, the market would repeat previous cycles and in the following months a new bull run would begin. We also explained the possible scenarios and how they would affect BPRO's price.
Well, apparently, a new bull run started last month, and the price of Bitcoin experienced a significant increase, going from fluctuating around USD 60k to USD 90k.
This bull run has not only affected Bitcoin but has also boosted the price of BPRO, which has surpassed $110k, reaching its ATH baby! This means that BPRO has significantly outperformed the price of bitcoin, with a performance of over 20%.
According to the article cited above, one of the possible scenarios was high global coverage and low leverage, which, from an investment standpoint, could be considered a conservative scenario. So far, it seems that this scenario is being fulfilled.
If BPRO's performance has caught your attention, you can mint yours directly in the dapp with Bitcoin on the Rootstock network. On the Money On Chain wiki, we tell you how to do it in a few simple steps.
Experts say that this bull run has just begun, which means that the next few months could be intense and exciting. It is important to fasten your seat belts and be prepared for possible market fluctuations.
The 2024 bull run has begun in earnest, and BPRO has taken this opportunity to hit its ATH.
After all, we bitcoiners celebrate ATHs as it is our diplomatic way of saying, "I told you so."
