The cryptocurrency market has gained more than $20 billion since last week. Cryptocurrencies are soaring. Over the last few days Bitcoin has risen from the weekly low of $7750 to over $8600. It is now eyeing $9000 or maybe even break above the 5 digit price. Altcoins have followed the rally, some of them even outperformed Bitcoin. Bitcoin fork coins such as Bitcoin Cash, and Bitcoin SV have jumped a surprising 18% and 70% respectively within the last few days. With its latest price jump Bitcoin Cash is now once again the 4th biggest cryptocurrency by market capitalization. Ether is trading at around $162 which is a 13% increase compared to last week. Ripple is up by 10% to $0.225 since last week.
In less than 4 months the Bitcoin block reward halving is coming. The current 12.5 Bitcoin block reward will be cut in half to 6.25 Bitcoin. Half as much Bitcoin will enter into circulation over the next four years, making Bitcoin even more scarce. Observers have also pointed out that safe haven assets such as gold, oil and Bitcoin saw large gains when the military tensions between the United States and Iran escalated. Gold is considered as a safe investment in times of macroeconomic uncertainty due to finite supply. Bitcoin is the digital counterpart of gold and also has limited supply.