Bitcoin Cash successfully completes halving, price leaps to its highest since 2021
The digital asset, which has been on a consistent upward trajectory since the year began, has witnessed a remarkable 23% surge over the past week and an impressive 43% upswing in the last 30 days, according to data from CryptoSlate.
As of press time, BCH was trading at $673, its highest level since May 2021.
Market analysts have attributed this price spike in BCH to several factors, including its recent halving event and the current bullish sentiments surrounding the market.
Bitcoin Cash halving
Bitcoin Cash is a proof-of-work blockchain network that forked out of Bitcoin in 2017. The network was designed to facilitate faster and cheaper transactions. However, it has seen limited adoption from the crypto community.
In April 2020, BCH had its inaugural halving event, reducing miner rewards from 12.5 BCH to 6.25 BCH. This recent halving occurred at block height 840,000, further slashing miner rewards to 3.125 coins per block.
Ludovic Lars, a Bitcoin Cash enthusiast, said:
“The halving of Bitcoincash finally took place last night at 10:45 p.m. UTC (12:45 a.m. CEST). The block subsidy increased from 6.25 to 3.125 BCH. The network, however, experienced a big slowdown: blocks 839,990 and 839,991 were mined almost 4 hours apart.”
Post-halving, Bitcoin Unlimited data reveals that the network has confirmed 840,017 blocks, meaning around 17 blocks have been validated since the event.
Additionally, OKLink data shows that BCH’s network mining difficulty has spiked to its highest level since 2019 at 761,589.2. Simultaneously, miner’s rewards have dipped from an average of 0.0003 recorded at the beginning of this year to 0.00017 as of press time.
A precursor to Bitcoin’s halving?
Market experts have noted that BCH’s halving might serve as a precursor for the approaching Bitcoin halving.
BTC is set to undergo its fourth halving on April 20, where miner block rewards will be cut in half from 6.25 BTC to 3.125 BTC.
Notably, key players, such as asset management firm Grayscale and Hut 8 Mining CEO Asher Genoot, have emphasized that this upcoming event will substantially influence the broader crypto landscape.
