Halloween, Oct 31st is also the Birthday of Bitcoin. As we all know, Bitcoin came into the crypto industry in Jan 2009, however, Satoshi Nakamoto authored the Whitepaper on 31st October 2008. Bitcoin turns 11 this Halloween.
Bitcoin’s Latest Milestone
One interesting fact to add is, Bitcoin has achieved a milestone, prior to its 11th birthday. As per a popular crypto asset analyst, Yassine Elmandjra, Bitcoin has collected 1 billion USD in cumulative fee revenue. That means, the total fees collected by Bitcoin transaction amounts to 1 billion USD.
This is a huge amount. As per the Coin Metrics report, 204808.3479 BTC has been given to miners as transaction fees since Jan 2009. Bitcoin has come a long way since its inception.
Bitcoin and the Halloween Effect
Alternatively, traders are looking forward to Bitcoin’s price to surge as they put their faith in the Halloween effect. Bitcoin prices increased by 40% just days before Halloween. Although Analysts are researching on this price rise, the old-school traders claim this to a be a Halloween Effect. This Halloween, Bitcoin is trading at $9,163.43. However, the traders are still bullish that Bitcoin will gain momentum in November to May as assets perform better in this part of the year.
Is it possible that Bitcoin will reach it’s predicted value? With Bitcoin Halving in May 2020 and this Halloween effect theory, Bitcoin might surpass the general assumptions. It will be interesting to see Bitcoin’s status on its next birthday.