U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin (BTC) Price Rallied 630,000 Percent After This Rare Event. It's About to Happen Again Today

Wed, 03/25/2020 - 19:30
Alex Dovbnya
The last time Bitcoin’s difficulty dropped by more than 16 percent, Bitcoin was trading at just $3.12 per coin
Cover image via stock.adobe.com
Put your crypto to work
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!

Bitcoin difficulty is on track to drop by more than 16 percent, which would be the second-largest negative adjustment in its entire existence. The good news for the bulls is that it will most likely mark a local BTC price bottom. 

Bitcoin's Block Time Continues to Increase. How Will It Affect BTC Halving?

Miners are calling it quits

The coronavirus pandemic that rattled global markets didn’t spare Bitcoin (BTC). After the March 12 price crash, many small miners got backed into a corner. 

Bitcoin’s hashrate, which displays the cumulative power of the network, crashed nearly 40 percent in lockstep with the price. It is currently below 100 Ehash/s, with the halving approaching in less than two months. 

That said, the mammoth-size difficulty adjustment, which is going to happen at around 11 PM EST, is going to provide much-needed relief for miners. 

Millennials Could Propel Bitcoin (BTC) Price to $350,000. Research Shows How

A huge rally could be in the offing

The largest difficulty drop to date (18 percent) took place on Oct. 30, 2011. Back then, BTC was changing hands at just $3.12 after shedding about 70 percent of its value in just three months. Since then, BTC skyrocketed by more than 630,000 percent by the end of 2017.

While such humungous gains are most certainly out of reach for an already established asset class, the 15 percent difficulty drop that took place on Dec. 3, 2018, could indicate where BTC is headed next if history is any guide. The leading coin rallied by more than 300 percent in the first half of 2019 before retracing its stellar gains. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
TOP 3 Price Predictions: BTC, ETH, XRP — Uncertainty Before Sharp Movement
Bitcoin (BTC) and Gold (XAU) Benefit Amid Plenty of Fear and Blood: Dan Tapiero
Bitcoin (BTC) Dominance May Reach 90% During Crisis. Will Price Follow?