Unlike fiat currencies such as the US dollar or Chinese yuan, which are backed by central banks, cryptocurrencies are backed by an underlying blockchain, which contains a record of every Bitcoin transaction on a public, decentralized, distributed ledger.

When you spend Bitcoin, a digital record of that transaction must be verified and added to the blockchain. And this is where miners come to the rescue. They legitimize and verify Bitcoin transactions and receive Bitcoins as payment as a reward.

If we look at the percentage change in market capitalization after halvings, we see a certain pattern. After the second and third halvings, market capitalization peaked at around the one and a half year mark. The second halving peaked on day 526 at about $328 billion, an increase of 3,000%, while the third halving peaked three weeks later on day 547 at over $1.2 trillion, or just under 700%.

Если следующий халвинг пойдет по той же схеме, что и два предыдущих, то пик рыночной капитализации может наступить где-то в течение третьей недели октября 2025 года.

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