Bitcoin Cash (BCH), the primary forked variant of the Bitcoin blockchain, has recently been on financiers’ radar accumulating 17% in the prior 24 hours. As of publication time, the Bitcoin Cash price is up 15.53% trading at $562 with a market capitalization of $11.07 billion. Additionally, the daily trading volume has surged by a whopping 152% presently at $1.76 billion. Expected to kick off around April 4, 2024, the reward halving on the BHC blockchain will decrease mining incentives from 6.25 BCH to 3.125 BCH.
Bitcoin Cash (BCH) Price Eyes Fresh Developments
A significant amount of momentum has been recently building around BHC over the past month, as we approach the network’s halving event coming up next week on April 4. On the monthly chart, the BCH price is already trading up by a staggering 85% aiding the altcoin in occupying a position in the top-fifteen altcoin list.
In anticipation of the approaching halving event on April 4, Bitcoin Cash (BCH) surged by 17%. Presently, the block reward stands at 6.25 BCH, but following the impending halving, it will decrease to 3.125 BCH.
Halving events occur when the mining transaction rewards are cut in half, diminishing the rate at which new coins are generated and consequently reducing the obtainable supply. Bitcoin’s own halving event is projected for April 20, as per trackers, historically heralding a positive trend for the cryptocurrency.
BCH Derivatives Demand Skyrockets
Moreover, open interest in BCH-tracked futures contracts surged by more than double to $500 million on Thursday, compared to $213 million the preceding week. This surge indicates a rise in leveraged bets, reflecting expectations of heightened price volatility.
Last week, crypto exchange Coinbase announced that it will introduce the first leveraged contracts for Bitcoin Cash. This has further bolstered derivatives trading for this altcoin.
Despite a giant run up in price #BCH fees remain tiny fractions of a penny so it can be used as money.#BitcoinCash pic.twitter.com/OSLrfY70DH
— ThrowingStones (@throwingstones7) March 28, 2024
Analysts are expecting the BCH price to rise to $600 all the way to April 01. Bitcoin Cash (BCH) has exhibited significant volatility in recent times, with its 1-month volatility measuring at 11.82. Over the past 30 days, Bitcoin Cash has seen 19 days of positive price movements.
The BCH price has also gained 30% in the last week with some market analysts already giving optimistic calls all the way up to $2,000.
About Bitcoin Cash
Bitcoin Cash is a fork of Bitcoin, with the purpose of addressing some of its ancestor’s shortcomings. In particular, the currency offers users benefits such as secure transaction verification, low transaction fees, public innovation, and unlimited growth potential. Everyone who held bitcoins in their account at the time block number 478558 received a certain amount of Bitcoin Cash.
However, some developers, mainly from China, proposed increasing the Bitcoin block size to enable faster and cheaper transactions. This proposal, however, was met with negativity. There were no guarantees that increasing the block size would have any positive effect if the cryptocurrency remained on the same platform.
