Bitcoin Cash (COIN: $BCH) is a fork of the Bitcoin blockchain network launched in 2017. Recently, it surged significantly, driven by the halving event expected to occur on April 4, 2024. Launched as a better alternative to Bitcoin, with faster block times and lower transaction fees for everyday use, it is ranked the 14th largest coin by market cap.
In the past seven days, the price of BCH has increased by 46.60%, according to CoinMarketCap data. As the halving event nears, the price of BCH is expected to continue rising. As of Friday, March 29, the coin’s price is up 4.96%.
The halving event will reduce block rewards from 6.5 BCH to 3.125 BCH, and miners have been ramping up their operations in anticipation.Â
Bitcoin Cash Open Interest Reaches Three-Year High
The open interest in futures perpetual contracts for BCH has surged to a historic high of $708 million, surpassing the previous peak observed in May 2021.
The rise in open interest and trading activity for BCH is driven by anticipation of the upcoming halving event next week, which has historically led to a rise in price. A massive amount of liquidation was recorded on March 28, with short positions totaling $190,140 and long positions amounting to $211,870 being liquidated.
DavidShares reported in an X post on March 28 that the Hash Rate of Bitcoin has doubled during the past week. The volume and the market cap have also pumped in 24 hours by 4.96% and 17.57%, respectively.
Bitcoin Cash Price Forecast
Most crypto market analysts forecast that if Bitcoin falls below the $69k mark, we could witness a major pullback and a decrease in pricing in other major cryptocurrencies, including BCH, XRP, Ethereum, and BNB. As of writing this, BTC is trading at $69,656.81 per coin.
FxPro senior analyst Alex Kuptsikevish said in an email, “Bitcoin has fallen back below $70K, which can be attributed to the bulls’ need to let off steam and the general decline in risk appetite in global markets.”
He added, “The short-term focus for traders will be to see if bitcoin can retest Tuesday’s intra-day lows near $69.5K. A break below this level could signal a more protracted correction.”
BCH Price Trend
At the time of writing, BCH is trading at $600.74, with a gain of 5.13 in the past 24 hours. The coin’s price has increased nearly 4x, with a 385.30% increase in the past 12 months. It has a market cap of $11.8 billion with a 24-hour trading volume of $1.5 billion.
Should You Invest in $BCH?
BCH is no doubt popular at the moment, with a massive increase in price in the past 12 months. As the halving nears, the price is forecast to keep rising. While it may seem expensive right now, it is still trading at a -86.21% discount to its all-time high price of $4,355.62, achieved in December 2017. Consequently, there is still room for a potential upside and Bitcoin Cash would make a great addition to your crypto portfolio.
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