Crypto: Bitcoin price hits $66,000, Ethereum slightly gains after bitcoin halving event

Prior to the halving event, there was some instability in the prices of Bitcoin and Ethereum.

 However, since then, prices have skyrocketed once more, with Bitcoin reaching $66,000 and Ethereum somewhat increasing as well.

 Decrypt reports that Bitcoin has increased 1.6% during the last day, circling $66,000, and has now achieved this milestone for the first time in a week.

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The payment made to Bitcoin miners was halved on Friday, bringing the total reward to 3.125 BTC instead of 6.25 BTC.

 This always serves as a spark for a rising cryptocurrency market, but the results show up right away.

Another significant effect of the halving in the crypto space is the change in transaction fees of bitcoin. For a short time over the weekend after the halving the average fee to send BTC soared to an all-time high of $127 according to Bitinfo charts.

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Crypto experts at IntotheBlock, a blockchain analytics firm say that Bitcoin is currently sitting at a strong support level which they believe could make it more resistant to downward pressure.

“Bitcoin is currently positioned right on top of a key demand zone, with 1.66 million addresses having purchased it at an average price of $64,800,” they wrote on Twitter.

“This price point could potentially act as a strong support level should the market experience further downward pressure.”

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Ethereum on the other hand experienced a price surge above $3000 on Friday and have managed to have remained there throughout the weekend. At the time of writing the Ethereum price is sitting just above $3200.

That’s a 1.3% gain in the last 24 hours and only about 1% shy of its price last week.

Bitcoin and Ethereum are two leading cryptocurrencies in market cap and user adoption