[Bitcoin Now] Surpasses 11 Million Won... 107% Increase in Two Months

Steady Uptrend Amid Half-Life Expectations

[Asia Economy Reporter Minwoo Lee] The price of the leading cryptocurrency Bitcoin has surpassed 11.00 million KRW. It has continued its upward trend, more than doubling in just two months.

According to the domestic cryptocurrency exchange Upbit as of 2:30 PM on the 7th, Bitcoin is trading at 11.35 million KRW, up 0.73% compared to 24 hours ago. Since recording 5.49 million KRW on March 13, it has steadily risen by approximately 107%.

This is believed to be due to increased expectations of a price rise ahead of the halving event. According to the cryptocurrency statistics site 'Bitcoin Clock,' the halving is scheduled for the 11th. After the halving, the new issuance amount will decrease from 12.5 BTC to 6.25 BTC every 10 minutes. This supply reduction has fueled expectations of a price increase.

In fact, Bitcoin prices have risen every time a halving has occurred. After the first halving on November 28, 2012, Bitcoin's price rose about tenfold from $12.35 to $127 within 150 days. After the second halving on July 9, 2016, Bitcoin's price increased from $650.63 to $758.81 within 150 days.

Riding on the upward momentum of the 'blue-chip' Bitcoin, other major cryptocurrencies are also showing gains. At the same time, Ethereum is trading at 250,000 KRW, up 1.83% from 24 hours ago. It has also more than doubled since March 13, when it was 124,350 KRW. Ripple is trading at 263 KRW, up 0.38% from the previous day.

This content was produced with the assistance of AI translation services.