3 Reasons Why Bitcoin Price Recorded Its Third Best Q2 Performance Ever

Published on by Cointele | Published on

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The price of Bitcoin recorded its strongest Q2 performance in history following a massive plunge on March 13 when the price dropped below $3,600 before eventually pushing above $10,000 over the next three months.

"Bitcoin is having today its third best quarterly close in its young history."

Quarterly performances of Bitcoin throughout the past 6 years.

The block reward halvingOn May 11, the Bitcoin blockchain network went through the third block reward halving in history.

A halving decreases the rate of BTC production by half, as Bitcoin approaches its fixed supply of 21 million.

Despite the halving, the hashrate of the Bitcoin network remains at an all-time high.

Possibly due to the resilience of the mining sector, the price of Bitcoin did not see a strong post-halving dump as analysts predicted.

The crash to $3,600 fueled demand for BTCWhen the price of Bitcoin plunged to below $3,600 on BitMEX, top U.S. exchanges saw a surge in demand.

Many retail investors rushed to buy Bitcoin at the $4,000 level which caused a quick recovery to $5,800 then $10,000.

Just a month before the drop occurred, the price of Bitcoin was hovering above $10,000.