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Benzinga - by Benzinga Insights, Benzinga Staff Writer.

Filecoin's (CRYPTO: FIL) price has increased 4.06% over the past 24 hours to $6.0, which is in the opposite direction of its trend over the past week, where it has experienced a 32.0% loss, moving from $8.71 to its current price. As it stands right now, the coin's all-time high is $236.84.

The chart below compares the price movement and volatility for Filecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 6.0% over the past week while the overall circulating supply of the coin has increased 0.97% to over 539.09 million which makes up an estimated 27.5% of its max supply, which is 1.96 billion. The current market cap ranking for FIL is #33 at $3.22 billion.

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Cryptocurrency Filecoin Up More Than 4% In 24 hours - Investing.com UK

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The cryptocurrency market underwent a correction over the weekend, with the global market cap falling to $2.48 trillion. The price dip could be due to Irans attack on Israel, which has impacted global economics. Furthermore, rising inflation in the US has also led to investors becoming weary of risky assets, such as crypto.

However, with Bitcoins (BTC) halving just around the corner, we may witness a rebound in the crypto markets.

Bitcoin (BTC):

BTC has faced a 4.9% correction in the weekly charts, with prices falling to around $66.4k. However, with the asset undergoing its next halving cycle later this month, we may witness a sudden rally.

Also Read: Cryptocurrency: Top 3 Coins To Watch Out for in April for Maximum Profits

According to CoinCodex, BTC will hit a new all-time high of $74,621 on Apr. 20, 2024. Reaching $74,621 from current levels would translate to a growth of about 12.31%.

Furthermore, CoinCodex predicts BTC to continue surging over the next few weeks. The platform anticipates the cryptocurrency to hit $85,986 by mid-May 2024. Reaching $85,986 from current levels would translate to a growth of about 29.4%.

Toncoin (TON):

TON is one of the best-performing cryptocurrencies right now. The asset is up by 10.2% in the daily charts, 28.2% in the weekly charts, 34.5% in the 14-day charts, and 85.6% over the previous month. TONs recent surge could be due to positive ecosystem developments within the project. The asset recently overtook Dogecoin (DOGE) as the 9th largest cryptocurrency by market cap.

Also Read: Top 3 Cryptocurrencies That May Hit All-Time Highs In Q2 2024

Although TON recently hit an all-time high of $7.63 on Apr. 11, CoinCodex anticipates the asset to hit a new high this week. The platform predicts TON to hit $7.94 on Apr. 18, 2024. Furthermore, CoinCodex expects TOn to continue surging over the next few weeks, hitting $23.86 on May 13, 2024.

dogwifhat (WIF):

WIF is another cryptocurrency that is expected to hit an all-time high soon. The asset recently hit a new high of $4.83 on Mar. 31, 2024. However, according to CoinCodex, WIF could hit a new high next week. According to the platform, WIF could surge to $4.87 on Apr. 28, 2024.

Furthermore, CoinCodex anticipates the cryptocurrency to continue surging over the next few weeks, hitting $10.29 on May 13, 2024.

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Cryptocurrency: 3 Coins That Could Hit All-Time Highs This Week - Watcher Guru

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UEX.Finance in a Cryptocurrency Exchange Overview | Mint  Mint

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Cryptocurrency Alternatives: Emerging Coins to Outshine Shiba Inu in 2024  Geeks World Wide

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Cryptocurrency Alternatives: Emerging Coins to Outshine Shiba Inu in 2024 - Geeks World Wide

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In an imminent event poised to upturn the world of cryptocurrency, this week will see the next Bitcoin Halving. This event will see Bitcoin miners rewards cut in half, from an existing 6.25 BTC to 3.125 BTC. As the pulse of the crypto-world quickens in anticipation, miners around the globe are bracing for a substantial loss of revenue following this halving event.

A report from Bloomberg paints a vivid picture of the potential losses. Bitcoin miners, who currently earn approximately 900 BTC daily from validating transactions, could stand to lose up to $10 billion annually. Once the Halving occurs, their daily income would dramatically plunge to 450 BTC. It is important to contextualize these staggering figures by acknowledging their projection is based on the current market rate of Bitcoin.

Although this loss of revenue could be softened if Bitcoins price experiences a sharp upturn following the Halving, miners understand that this is not a strategy on which to build long-term sustainability since they are likely to face subsequent bear markets. Such market downturns would inevitably lead to a decline in the price of Bitcoin.

This understanding has influenced larger mining operatives, such as Marathon Digital and CleanSpark, to take proactive steps to weather the upcoming upheaval. These miners reportedly have been investing in new equipment while simultaneously trying to edge out competition by purchasing smaller mining operations. This strategy could theoretically decrease the number of miners fighting for block rewards, and in doing so, soften the blow of losses in daily revenue.

Previous reports have also highlighted efforts amongst Bitcoin miners to diversify their range of operations, thereby enhancing revenue streams and creating additional income to buffer the impacts of the Halving. One promising avenue is the artificial intelligence sectoran industry well-suited to utilize the existing Bitcoin mining infrastructureand Bitcoin miners are eagerly seizing these opportunities.

The twists and turns of the crypto-sphere do not end there, however. The Bloomberg report also unveiled that US Bitcoin miners are grappling with unexpected competition in the fight for energy. Some of the worlds largest tech companies are vying for the same source of electricity to power their data centers, pitting these tech giants against Bitcoin miners.

Against the backdrop of these competitive pressures, there is a surge in electricity rates, further fueled by energy constraints within the US. Consequently, its becoming increasingly arduous for Bitcoin miners to maintain smooth operations within the country. Major tech companies often have the upper hand over Bitcoin miners in securing power due to their more consistent revenue streams compared to the volatile price-dependent success of Bitcoin miners.

In conclusion, casting our eyes to the Bitcoin price chart, it appears that many cryptocurrency enthusiasts are bullish about reclaiming control. Of course, like any form of investing, the crypto-world is not without its risks, and its essential that individuals do their homework and invest wisely. As with everything, the outcomes reside in the hands of the market and time itselfits a fascinating ride, indeed.

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Bitcoin Halving Set to Shake Cryptocurrency World, Miners Brace for Massive Revenue Drop - West Island Blog

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