Bitcoin Cash before the fourth Bitcoin halving: price surge and market outlook
Bitcoin Cash Halving Precedes Fourth Bitcoin Halving Event
Bitcoin Cash (BCH) recently went through a halving event a few weeks prior to the scheduled fourth Bitcoin halving. Halving is a process of reducing block rewards to control the cryptocurrency’s supply.
Bitcoin Cash Halving Event
Bitcoin Cash experienced its halving event on a Thursday, resulting in a reduction of block rewards to 3.125 BCH. This was the second halving event for this forked network, with the previous one taking place in early April 2020, reducing block rewards to 6.25 BCH.
BCH Price Surge Post-Halving
Following the halving, the value of Bitcoin Cash saw a significant surge, reaching levels not seen since 2021. The cryptocurrency’s price hit around $700 in the early hours of Friday, eventually stabilizing around $660. This growth represents a 10% gain over the past seven days.
Bitcoin Cash Compared to Historical Data
Although the BCH price falls far from the historical highs of 2017, when it reached over $9,500, market development remains visible. Currently, the market capitalization of Bitcoin Cash stands at around $13 billion, a considerable distance compared to the approximately $1.3 trillion established by Bitcoin.
Current Market Situation
Bitcoin, which serves as the foundation for BCH, maintains a high level. Since the approval of bitcoin ETFs in the market since January, the price of bitcoin has been steadily rising, setting new historical records. Bitcoin (BTC) is currently trading around $67,000.
Upcoming Bitcoin Halving
The next, fourth halving of bitcoin is expected around April 20th, at block 840,000. This event cycle occurs every 210,000 blocks, serving as a significant reference point for the entire cryptocurrency market.
