Analysts are wondering if we are currently witnessing the beginning of a new bull market. Historically, Bitcoin (BTC) — and the crypto market in general — has entered a bull cycle shortly after a roughly four-yearly algorithmic update called a “halving,” which cuts mining rewards in half, reducing the rate at which new BTC is released, since miners are the ones who issue new Bitcoin. The last Bitcoin halving occurred in April. Now, as 2024 draws to a close, cryptocurrency prices appear to be rising in a scenario similar to the last bull cycle, when prices began to rise over Christmas 2020, months after the halving in May of that year. Other cryptocurrencies typically follow the lead of Bitcoin (BTC). As leading altcoins, XRP and Cardano are in a great position to make significant gains in the event of a new bull run in the crypto market.
