Bitcoin Cash Price Rises 11% After Halving Rollercoaster

that much bitcoin cash price It had a roller coaster ride yesterday following the recent block reward halving, falling to $565 ahead of the halving before recovering.

The price of Bitcoin Cash is currently around $676, up 11.3% on the day and nearly 20% over the week, according to data from CoinGecko.

When the halving occurred at block 840000 on March 4 at 22:45 UTC, the price of Bitcoin Cash was $574.90. About 30 minutes before the halving, it fell from a day high of $607 and a weekly high of $696 on April 1 to a low of $565.

Bitcoin Cash, a modified version of Bitcoin that forked from the main Bitcoin blockchain in 2017, includes many of the same features as Bitcoin. This includes block reward halvings that occur approximately every four years, or every 210,000 blocks. The 2024 halving, the second since the hard fork of the Bitcoin blockchain, saw rewards for Bitcoin Cash miners cut from 6.25 BCH to 3.125 BCH.

Ahead of the Bitcoin Cash halving, the price of BCH surged to $718.62, the highest since November 2021. The cryptocurrency’s all-time high set in December 2017 was $3,785.82.

Bitcoin Cash, proposed by a group of Bitcoin developers, aims to offer lower fees and transaction times than Bitcoin by allowing more transactions in a single block.

Like Bitcoin, it uses a proof-of-work consensus mechanism and its supply is limited to 21 million coins. In 2018, Bitcoin Cash split from the blockchain into Bitcoin Cash ABC (later rebranded as eCash) and Bitcoin Cash SV (short for Satoshi Vision).

Bitcoin itself is set to undergo its own block reward halving later this month, and analysts are divided on whether this will act as a bullish driver for the cryptocurrency’s price. Some predicted a six-figure price after the halving, but cryptocurrency exchange Coinbase urged caution, noting that “past performance is not an indicator of future success or performance.”