Bitcoin Halving: Is It The Key Factor Behind Bitcoin’s Strength? A Comparative Analysis Between Bitcoin and Big Eyes Coin | Atalayar

While investors and researchers keep an eye on the cryptocurrency market, the question on everyone’s mind is whether the rapidly approaching Bitcoin halving event is the factor behind the recently achieved strength. In this article, we will explore the similarities and differences between Bitcoin and the emerging cryptocurrency Big Eyes Coin (BIG), and analyze how the “first” cryptocurrency halving event has and will continue to impact the crypto market.

Bitcoin – The Pioneer

Bitcoin is a decentralized digital currency that functions independently of any centralized authority or the watchful eye of government or other financial institutions such as central banks. It relies on peer-to-peer software and cryptography to enable safe and secure transactions. A public ledger called blockchain records all Bitcoin transactions and prevents BTC from double spending.

Launched in 2009, Bitcoin has grown to become the most popular and valuable cryptocurrency in the virtual world. At the time of writing, Bitcoin was trading at $29,906 with a market cap of over $578 billion.

What is Bitcoin Halving?

Bitcoin halving is an event that happens every four years on the Bitcoin network. During this event, the reward that Bitcoin miners receive for adding new blocks to the blockchain is reduced by half, meaning they earn fewer tokens for their work. This mechanism is designed to control the supply of new Bitcoins entering circulation, limiting it to 21 million. By reducing the number of Bitcoins entering the market, the halving is expected to increase the demand for Bitcoin, potentially leading to an increase in its price.

The last three Bitcoin halving events occurred in 2012, 2016 and 2020. The next Bitcoin halving is expected to occur in April 2024.

Why is halving important?

As the halving cycle occurs, the supply of available Bitcoin tokens decreases, resulting in an increase in the value of coins that have yet to be mined. The first halving event in November 2012 saw Bitcoin’s value rise from about $12 to nearly $1,000 within a year. In the last halving in May 2020, Bitcoin’s price was $8,787, but it rose over the following months, indicating the potential for significant changes in the crypto market after each halving event.

Earn BIG by using the END300 code

Big Eyes Coin is a recently introduced meme coin with a cat-themed design that has gained popularity due to its unique features. The Big Eyes Coin operates on the Ethereum blockchain and leverages the Proof of Stake (PoS) consensus algorithm to validate transactions performed on the blockchain, resulting in lower energy consumption and mining costs than Bitcoin.

The project’s goal is to have a positive impact on the world by allocating 5% of the supply to charities focused on ocean conservation. On the 13th phase of the presale, Big Eyes Coin has raised over $34 million, and the project team has introduced new incentives to attract more investors before the presale ends on June 3rd.

Currently, the project offers a rare opportunity to receive a 300% bonus by using the code END300 when buying BIG tokens or Loot Boxes.

Conclusion

The halving event had a significant impact on Bitcoin’s price and adoption in the past. But Big Eyes Coin is a PoS algorithm, therefore BIG’s mining rewards are based on the number of coins held by miners, rather than on computational power. Therefore, the Bitcoin halving event may have very little impact on Big Eyes Coin.

Although Big Eyes Coin has a lower adoption rate than Bitcoin, it has become popular among investors and traders due to its potential for growth and low fees.

For more on Big Eyes Coin (BIG):

Pre-sale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Open sea: