The price of Bitcoin Cash (BCH), which is expected to undergo a halving event, has increased significantly and is already at its highest point from its last all-time high in 2021. According to data from CoinGecko, BCH has had a 5% spike in value in the previous 24 hours, marking a nearly 28% jump in the past week and a massive 43% rally in the last 30 days.
The halving event is likely to substantially impact the cryptocurrency’s supply dynamics and price trajectory, explaining why the price of Bitcoin Cash has spiked in response to mounting speculation and expectations. The halving, slated to take place at block height of 840,000, will cut the block reward for miners in half, from 6.25 BCH to 3.125 BCH, which will slow down the creation of new currency.
Investors and traders are getting excited again about the impending halving because they see it as a possible trigger for more price growth. Reduced supply of new coins, rising demand, and positive market sentiment contributed to the bullish momentum pushing Bitcoin Cash to all-time highs.
Spike in the Price of Bitcoin Cash Linked to Investor’s Optimism
With a current market capitalization of $12,754,153,286 in the last 24 hours, the price increase of Bitcoin Cash also indicates larger patterns in the cryptocurrency industry, which has recently seen a resurgence of investor optimism and bullish sentiment. Bitcoin Cash technical indicators are pointing to a bullish trend.
According to the data by Decrypt, there’s an expanding gap between the coin’s EMA 10 (10-day Exponential Moving Average). However, the 55-day Exponential Moving Average recommends that short-term traders spiked the price level.
The Average Directional Movement (ADX) is recorded at 29 and represents a solid bullish movement, while the Relative Strength Index (RSI) stands at 70 points, showing boldly its bullish tendencies.
BCH Attains its Highest Peak, First Time from 2021
Jose Antonio Lanz wrote on Decrypt, stressing how crucial it is to consider fundamental elements, investor mood, and market dynamics when assessing the long-term prospects of Bitcoin Cash and other cryptocurrencies.
The price of Bitcoin Cash (BCH) has surged to its highest level since 2021 due to the upcoming halving. The cryptocurrency’s current performance, which has seen notable increases over the last week and month, indicates rising investor interest in and excitement about the impending halving event.
Earlier today, the price of Bitcoin Cash had moved from a little over $600 to $697 before reaching a corrective level of $635. Bitcoin Cash price movement today marked the highest it has attained from November 2021. The coin is way below its initial all-time high of almost $3,786 it once attained in December 2017.
BTC Halving Sets for April 20, As BSV Follows Suit
The recent bullish performance of Bitcoin Cash is attributed to factors like the forthcoming halving, which is set to happen in the next two days. The halving event has decreased the block’s mining rewards by 50%. The situation is expected to drop the inflation rate and increase the coin’s scarcity.
Historical records have shown that this event has previously led to a significant price increase, as seen in the BTC post-halving outcome. The BTC is expected to have its halving on April 20. A change in the Bitcoin Cash algorithm has increased its mining rate, resulting in a separate halving date.
While the Bitcoin Cash helving is expected to happen on April 3, the Bitcoin Satoshi Vision (BSV) follows suit on September 8, while Bitcoin Gold (BTG) will likely come on April 23. In his book, Roger Ver has resounded the Bitcoin Cash comeback and reintroduced the debate behind the BTC and BCH performance.
However, Adam Back, the CEO of Blockstream, has tasked Ver to drop the BCH for BTC from the day it had a major price drop – an event that is believed to have triggered the BTC and BCH debate among new investors.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
