Bitcoin Cash Halving and Surge
Bitcoin Cash (BCH) experienced a remarkable surge of 10% after successfully completing its reward halving event. This surge stands out amidst a relatively stagnant market, particularly with Bitcoin (BTC) – which is set to undergo its own halving later this month – showing minimal movement over the past 24 hours.
During European morning hours, BCH traded at $660, reaching a price level unseen since December 2021. However, despite this surge, the token still lingers 80% below its all-time high of $3,700 recorded in December 2017.
Current Market Snapshot
At the time of this publication, Bitcoin Cash is trading at $638.26 USD, marking a significant increase of $45.16 (7.61%).
Bitcoin stands at $67,886.70 USD, reflecting a significant increase of $1,898.80 (2.88%).
Bitcoin Cash Reward Halving Impact
Bitcoin Cash’s block reward has now reduced to 3.125 BCH. Halving events, such as this, occur when the reward for mining transactions is halved, thereby decreasing the rate at which new coins are generated and ultimately reducing the available supply.
The upcoming halving of Bitcoin, expected on April 20th, has historically heralded a bullish market for the cryptocurrency. The previous halving in 2020 catalyzed a staggering 1,000% surge, propelling Bitcoin to a then-record high of $69,000 approximately a year and a half later.
Bitcoin Cash Halving: Market Response and Future Expectations
Despite the lack of significant market-moving catalysts, the crypto market experienced subdued activity over the past 24 hours. Bitcoin hovered just above $66,300, registering a modest 0.3% increase, while the CoinDesk 20, a comprehensive index of major tokens, excluding stablecoins, exhibited a marginal 0.7% decline.
While Bitcoin Cash, Ether (ETH), BNB Chain’s BNB, and Solana’s (SOL) saw gains of up to 1%, other cryptocurrencies like dogecoin (DOGE), Polkadot’s DOT, XRP, and Cardano’s ADA faced declines of as much as 1.2%.
Alex Kuptsikevich, a senior market analyst at FxPro, emphasized the current period’s anticipation, suggesting that traders may be awaiting macroeconomic catalysts before making significant moves.
Market Outlook and Analyst Insights
Kuptsikevich remarked, “While Bitcoin’s inability to rise is alarming, we saw a weaker dollar and stronger stock indices the day before, which is fueling risk appetite. The cryptocurrency market’s lagging performance can easily be attributed to accumulated overbought conditions and wariness ahead of the monthly labor market report.”
He further added, “At the same time, we regard the current weakness as consolidation within the bull market, almost excluding the risks of a long-term reversal.”
