Bitcoin and Ethereum which experienced some volatility prior to the halving event has since resurged in prices with Bitcoin hitting $66,000 in price and Ethereum slightly gaining too.
According to Decrypt, Bitcoin is up 1.6% in the past day hovering around $66,000 and have reached this milestone for the first time in a week.
The cryptocurrency’s block reward halving, which occurred on Friday, saw the reward paid to Bitcoin miners reduced from 6.25 to 3.125 BTC. This is always a catalyst for a bullish crypto market but the effects are felt immediately.
Another significant effect of the halving in the crypto space is the change in transaction fees of bitcoin. For a short time over the weekend after the halving the average fee to send BTC soared to an all-time high of $127 according to Bitinfo charts.
Crypto experts at IntotheBlock, a blockchain analytics firm say that Bitcoin is currently sitting at a strong support level which they believe could make it more resistant to downward pressure.
Ethereum on the other hand experienced a price surge above $3000 on Friday and have managed to have remained there throughout the weekend. At the time of writing the Ethereum price is sitting just above $3200.
That’s a 1.3% gain in the last 24 hours and only about 1% shy of its price last week.
Bitcoin and Ethereum are two leading cryptocurrencies in market cap and user adoption.