Bitcoin tops the cryptocurrency trend chart amid rumors of a halving

As the cryptocurrency market flashes green again, Bitcoin (BTC) as its largest asset is one of the forces driving its recovery, growing nearly 13% over the course of the week and topping the cryptocurrency’s daily trend chart.

In fact, as of September 13, DeFi token emerged as the most popular cryptocurrency, topping the 24-hour chart ahead of Reef (REEF), Shiba Inu (SHIB), PancakeSwap (CAKE), and Ethereum (ETH). ), according to data from CoinMarketCap.

The most popular cryptocurrency on September 13th. Source: CoinMarketCap

The growing interest in Bitcoin has been fueled by online chatter that the cryptocurrency halving event may happen sooner than originally expected. It should be noted that the halving is the event after which the reward for mining a crypto-block is halved, which happens approximately every four years, which means that the next halving will occur in 2024.

What started the rumor?

As it happens, the rumors started thanks to the recent record hash rate (the computing power required to approve transactions and secure the network) that Bitcoin clocked, which some people have interpreted as an accelerating Halving schedule.

However, the rumors appear to be unfounded because the Bitcoin algorithm by design prevents any significant acceleration of this scheme, including through a jump in the hash rate, by adjusting the difficulty to match external factors in play during the relevant period, such as CoinDesk explained.

As for the second on the list – Reef is a Layer 1 based blockchain that introduced the long-awaited Reef Card at the end of August. The card comes as a physical MasterCard debit card and with Google Play, allowing holders to spend their cryptocurrency and convert their card into fiat currency during a purchase.

Dog meme Shiba Inu’s cryptocurrency owes its third-place finish to a sudden bullish rally four days ago when it surged nearly 20% in less than 48 hours, closely correlated with the general crypto market recovery. The coin recently passed 1.2 million holders, Coinphony reported.

At number four, PancakeSwap has been in an overall uptrend since mid-June, although some price drops have been seen since then, which may explain the increased interest among investors and traders lately.

Finally, Ethereum, which dominated the cryptocurrency trend chart for seven days on September 5th, slipped to the 5th place, but it is still getting a lot of attention due to the upcoming Merge update with only a few days left in ETH trading compared to ETH trading to market cap It now shows the most upward spread since May 2021.

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Bitcoin tops beyond the cryptocurrency trend chart amid rumors of a halving that first surfaced on Coinphony.

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