Bitcoin Cash (COIN: $BCH) is a fork of Bitcoin created in August 2017 as a faster alternative to Bitcoin. Since then, it has become one of the leading coins, with a market cap of over $12.5 billion.
Following the Bitcoin Cash halving on April 4, 2024, the coin’s price spiked by 11.65%. Before the halving, it had spiked over 46% as the crypto world anticipated the surge in value during the halving event.
After the BCH halving, the crypto community is looking forward to the Bitcoin halving event, scheduled for April 19, 2024.
Bitcoin Cash Halving Explained
When halving occurs, the block mining rewards are cut in half, lowering the rate of new coins being released. After the halving, Bitcoin Cash rewards are now 3.125 BCH, down from 6.25 BCH.
The same will happen after the Bitcoin halving event; block rewards will be cut from 6.25 BTC to 3.125 BTC. During the previous BTC halving in 2020, the price of Bitcoin skyrocketed from a low of $3,858 on March 12, 2020, to $10,000 on May 6, 2020, five days before the halving.
A few weeks after the halving, the price of BTC rose to $12,100 at the end of July 2020. By December 2020, the price of BTC was at $30,000 per coin, hitting $42,000 in January 2021. By November 2022, the price of BTC had reached $65,000.
BCH Price Trend
The price of BCH reached a fresh 3-year high of $712 as of Thursday, 4 April 2024, 11:59 PM in New York, a 15.7% rise in the past 24 hours. It has a market cap of $14.17 billion, with a 24-hour trading volume of $1.96 billion, an 85.88% rise in the past 24 hours.
Leading up to the halving, the BCH market was highly active, with $190K in short positions and $212K in long positions being liquidated. The Bitcoin Cash futures contract also saw a rise in interest, with open interest reaching $700 million, signaling a rise in leverage bets on the price of BTC.
The BCH halving event has had little impact on other major coins like ETH, SOL, and BNB, which only saw a marginal increase of 1% on average, while Bitcoin (BTC) was up 3.86% in the past 24 hours.
Should You Buy Bitcoin Cash?
Looking at past trends, the price of Bitcoin Cash will likely continue to rise following the halving event. Additionally, the upcoming Bitcoin (BTC) halving on April 19, 2024, could add momentum to the price. Consequently, there is still room for upward movement despite the current highs. It is also worth noting that the price of BCH is still trading at a considerable discount to its ATH price of over $4000. Adding BCH to your portfolio could yield positive returns in the medium term.
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