Price of Bitcoin Cash Continues to Peak, Hits New All-Time-High
The price of Bitcoin Cash (BCH) has surged to a three-year high, breaking through the $600 barrier for the first time since December 2021. The cryptocurrency is getting ready for its impending halving event, which is why the recent spike in investor interest and the price of Bitcoin Cash.
The supply dynamics of Bitcoin Cash are anticipated to be significantly impacted by the halving, which will cut the block reward for miners in half and possibly increase demand for the cryptocurrency. Many Proof of Work (PoW) projects do experience massive corrections after each helving.
However, theirs a tendency that traders and top miners may soon start selling their assets 48 hours before Bitcoin Cash rewards, expected to be halved from 3.125 BCH – 6.25 BCH on April 4. Should this post halving massive sales happen, the price of BCH could drop to $450 in a sharp retracement.
Helving to Happen in the Next 5 Days, Eyes $600+
The recent increase in price and investor activity of Bitcoin Cash (BCH) highlights the digital asset’s growing relevance and significance among investors looking to gain exposure to the cryptocurrency sector.
The most anticipated halving Is expected to happen in the next 5 days, and it is believed to push the price of the coin above the $600 price before April 4. As of press time, the price of Bitcoin Cash has gone up by 172% from the day the countdown for 60-day expected helving started.
In the days ahead, there’s a good chance that the halving event will be the subject of more speculation and anticipation, which might cause more volatility and price swings in the BCH market. Experts and market analysts have provided differing opinions on the possible course of Bitcoin Cash in reaction to the investor interest and price spike.
According to FX Empire’s Ibrahim Ajibade, the bullish trend may persist in the run-up to the halves event, pushing prices higher and drawing in more investors. Other industry analysts advise against being overly optimistic and raise the possibility of price corrections and market turbulence following the halving.
BCH Records 25.88 Million New Wallet Holders, Shows Bullish Sign
Ajibade has advised investors to be cautious and do extensive study before deciding what to buy, especially considering the volatility of cryptocurrency markets. Despite its short-term fluctuations, he added that the spike in investor interest and price of Bitcoin Cash indicates the cryptocurrency’s increasing importance and relevance in the digital assets industry.
As of March 21, 2024, the number of wallets with Bitcoin Cash was recorded at 25.88 million, only to experience a major increase on March 31, recording 26.11 million new holders. This number indicates that the coin’s users created over 230,000 more wallets in the past 10 days.
This development goes beyond an increase in several wallet owners; it’s also a good sign of a prospective bullish trend. This situation is attributed to the growing new capital that has continued to flow into the sector.
BCH Price Targets $700 As Number of Wallet Holders Grow
Data from FX Empire shows that more new 230,000 Bitcoin Cash wallets have been funded lately. It is also believed that there could be an upsurge in the price of Bitcoin Cash that would push it to the $700 price before April 4, especially with the halving coming in the next 5 days.
It is also believed the coin has the propensity to make a bill run if it maintains a decisive breakout from its previous $640 price resistance. The price may push up towards the $700 should the pre-halving rush persist. Analysis from FX Empire also stated that the coin’s momentum went bullish in February, as the April 4 halving countdown continues.
Meanwhile, in the last 24 hours, the price of BCH has increased to $645.96, an 8.60% increase. Its market capitalization also had an 8.61%, to hit $12,715,426,000 in the last 24 hours. At the same time, the trading volume stood at $560,790,327 after dropping by 26.56%.
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