Bitcoin Cash (COIN: $BCH) is a cryptocurrency created in a hard fork of Bitcoin (BTC) in late 2017 to address Bitcoin’s scalability issues by increasing the block size, allowing for higher transaction speeds.
BCH rose 60% on Saturday, March 2, 2024, to $500.81, with trading volume soaring by 115.66%. This bullish rally is linked to two upcoming events: the April 19, 2024, halving and a network upgrade in May 2024 that will usher in an adaptive block size algorithm.
Bitcoin Cash Surges On Anticipated Halving
Bitcoin Cash showed a remarkable surge of 40% on the weekend against the U.S. dollar and 88% in the last month, beating BTC’s 30-day increase. Moreover, the Bitcoin cash halving is set to occur in the next few weeks on April 1, three weeks before the Bitcoin halving on April 23.
This particular event for Bitcoin cash happens every four years or after every 210,000 blocks on the BCH blockchain. The current block reward for Bitcoin Cash is 6.25 BCH, which will be cut in half to 3.125 BCH. This reduction decreases the rate at which new Bitcoin Cash is generated.
According to CoinMarketCap, Bitcoin Cash (BCH) ranks 13th in trading volume among 10,000+ cryptocurrencies. Tether (USDT) dominates as the most traded pair with BCH, constituting more than 53% of all BCH transactions.
BCH Network Upgrade
The second event is the BCH network upgrade on May 15, 2024, which aims to implement adaptive block sizes. These new block sizes will lower infrastructure costs during low usage and enable doubling to the maximum size during peak usage.
BCH developer Jason Dreyzehner tweeted, “This upgrade resolves an economic vulnerability that was introduced in 2010 and led to the BCH/BTC network split in 2017.”
Also, “The algorithm automatically adjusts Bitcoin Cash’s block size limit to reduce infrastructure costs during periods of lower usage while enabling up to a doubling of the maximum block size per year at peak growth.”
BCH proponents exhibit enthusiasm towards the adaptive block size limit algorithm adjustment, which is set to occur in May.
According to a tweet by BCH developer and advocate Mathieu Geukens, “It’s now less than 100 day until the BCH Jessica upgrade!”
He added, “Bitcoin Cash gets an adaptive blocksize limit algorithm, this innovation finally solves the discussions about when and by how much to change the maximum network throughput!”
Tokenomics: $BCH
$BCH is currently trading at $459.55 with a discount of 3.95% from its previous close of $469.64. At the time of writing, it has a market cap of $8.951 billion with a 24-hour trading volume of 1,320,610,944. After halving, we can see a more bullish scenario in BCH based on supply and demand dynamics.
Is BCH A Buy?
Bitcoin Cash has performed remarkably well in the past weekend due to the two upcoming major events; the halving and system upgrade, in April and May, respectively. While the price has surged significantly, there is still a huge upside potential as the two events draw closer.
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