Fidelity Reports Bitcoin’s Price Up 63% Since 2024 Halving

Fidelity Digital Assets highlights the current state of Bitcoin in its research note, noting a 63% increase from its 2024 halving price with 27% of the halving epoch completed. The report, titled “2024 Bitcoin Halving: One Year Later,” authored by Daniel Gray, suggests that despite a slower price trajectory compared to previous cycles, indicators point to growing maturity and adoption.

Key Insights from Fidelity's Report

Bitcoin’s market dominance has reached 72.4%, an eight-year high.
Ether and Solana have lost market share while fragmentation in alternative assets remains.
Bitcoin’s hash rate surpassed one zetta hash per second twice in April, indicating strong mining investment.
On May 21, Bitcoin achieved an intraday high of $109,486, later exceeding $111,000.
US spot ETFs saw net subscriptions of $934.8 million on May 22, the highest in four weeks.
Aggregate futures open interest hit a record $80 billion as of May 23, increasing by 30% since early May.
Current funding rates across exchanges are low, indicating subdued market enthusiasm.

Gray advises investors to focus on the underlying structural developments rather than just short-term returns. He concludes that while Bitcoin's price movement may appear muted, its fundamentals are stronger than ever, suggesting a potential redefinition of Bitcoin’s role in investment portfolios.

As of the latest update, Bitcoin is trading at $109,563.

Bitcoin price