2024 bitcoin halving to trigger another market frenzy, says Thai exchange

moneycontrol.com:

Bitcoin is set for another bull run and market frenzy when it goes through another halving, Thailand's largest digital-asset exchange Bitkub Capital Group Holdings has said.

Halving is the process of ensuring that bitcoin's supply remains fixed at 21 million BTC, as envisioned by founder Satoshi Nakamoto. It takes place every four years, with the mining reward or the incentive earned for minting new blocks slashed by 50 percent every time.

Based on previous trends, Bitkub Capital CEO Jirayut Srupsiropa foresee said a golden period between 2024 and 2025 for the world's largest cryptocurrency and the crypto market in general. However, this will not be without the market enduring short, volatile periods of fluctuations and price corrections, he said.

Around 90 percent of bitcoin, or around 18.9 million BTC, are already in circulation. While it may seem that Bitcoin supply may soon run its course, network estimates suggest otherwise.

While it took almost 12 years for bitcoin market circulation to reach 90 percent since it was first mined in 2009, the remaining reserves of the virtual currency are set to sustain a little over 120 years, till 2140.

Currently, for each BTC mined, the miner earns a reward of around 6.25 bitcoins. Post the next halving event scheduled for 2024, this figure will come down to 3.25 bitcoind. In. 2028, the mining reward will be reduced to 1.625 bitcoins and so on.

Bitcoin and other cryptocurrencies saw a brutal start to 2022, with the crypto market capitalisation plummeting over 30 percent since the beginning of the year.

The market cap, currently at $1.77 trillion, has almost halved since it touched $3.1 trillion in November.

Valued at about $38,552.71, the world's largest cryptocurrency is almost 44