Bitcoin halving anticipation causing crypto market recovery:

After Bitcoin's price briefly broke past $72,000 for the first time in April, several altcoins posted gains, breaking out of the general crypto market stalemate. For example, Ethereum (ETH), XRP, Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) are all up 8.4%, 4.8%, 17.7%, 4.7% and 3.1%, in the past twenty-four hours, respectively.

The recent price surge comes off growing anticipation for the fourth Bitcoin halving, which is eleven days away. The Bitcoin halving, which will reduce the inflationary rate of Bitcoin by 50%, will see miners facing a depletion in mining rewards.

After every halving event, Bitcoin usually records substantial price increases. Due to its high correlation with other assets in the crypto market, several altcoins also follow suit and see significant price growth. Data from CoinGecko shows that Bitcoin and altcoins' prices usually grow to new highs after halving events.

Hence, Monday's buying spree in Bitcoin and altcoins may represent investors' preparation for another potential post-halving bull run. This coincides with a recent prediction by Ripple CEO Brad Garlinghouse, who expects the crypto market to double in size to $5 trillion by the end of the year.

However, Glassnode and Coinbase analysts have said that the halving effect may already be priced into Bitcoin as the largest digital asset broke its previous all-time high for the first time before a halving event.