2024 Bitcoin Halving:
One Year Later

Bitcoin presents a nuanced narrative a year after its fourth halving, with signs pointing toward consolidation, network resilience, and growing institutional adoption.  

Although returns have been more measured compared to previous cycles, structural metrics suggest a strengthening foundation. Overall, it appears bitcoin is potentially maturing—something investors may find more notable than short-term price movement.   

At block height 892,500—the 25% mark into this halving epoch—bitcoin’s price had seemingly stalled within the $82,000–85,000 range.  

The asset was trading at $83,671 as of April 15, 2025, representing a 31% increase from its halving-day price of $63,762 (April 19, 2024). However, recent events and what some analysts are defining as bitcoin’s decoupling moment have led price to rise back above $100,000, even as other assets continue to stagnate. In comparison, bitcoin had rallied over 300% at this point in the third epoch and 567% in the fourth (from $8,591 to $57,341).  

History suggests that we would be well into the bull run at this point in the fifth epoch—but this cycle may be unfolding more cautiously. Bitcoin’s more muted returns likely reflect a market that is digesting several extrinsic tailwinds and headwinds, which have inevitably caused some uncertainty. Additionally, as the asset matures, it is unlikely to experience dramatic changes in price as it is more saturated in the investment market. 

Bitcoin’s Strengthening Market Dominance 

Bitcoin’s market dominance excluding stablecoins has risen to just over 72.4% as of May 11, 2025, representing a new eight-year high since March 2017 ($1,000 price range). This increase in market share comes despite bitcoin’s recent pullback from over $100,000 to $80,000 and back again, signaling sustained outperformance relative to altcoins.  

Bitcoin’s dominance has risen from 64% to 72% (+13%) following its fourth halving whereas Ethereum and Solana’s dominance have fallen in that time (-56% and -25% respectively). Meanwhile, the category that represents the remainder of the digital assets market (“All Other Crypto”) has grown its market share from 9% to 15%, suggesting greater fragmentation but no clear alternative leader. 

Hash Rate Grows as Miners Maintain Long-Term View 

Bitcoin’s daily hash rate rose above one zetta hash (1,000,000,000,000,000,000,000 H/s) per second twice in the month of April, reflecting continued investment in mining infrastructure. Despite bitcoin’s modest performance since its 2025 all-time high above $108,000, hash rate has continued to climb up and to the right.

Hash price, the expected return for each hash a miner generates, continues to fall as competition distributes a reduced reward (6.25 to 3.125 BTC) and what little fees are generated roll into the mempool. The hash price has fallen roughly 60% since April 2024. Meanwhile, the 30-day mean hash rate and difficulty are up roughly 40% within the same period, potentially indicating sustained long-term confidence in the network. 

Conclusion 

One year post-halving, bitcoin’s price performance may seem muted compared to past cycles. However, its fundamentals appear stronger than ever, with rising market dominance and growing recognition from both institutional investors and nation states. Although short-term price movements have not reflected the outsized performance seen in previous halving cycles, this may be a cycle that redefines bitcoin’s role in a modern portfolio. 

Interested in discussing bitcoin’s long-term role with our team?  Get in touch.