- As Bitcoin Cash’s halving event on approaches April 4, Bitcoin Cash (BCH) has gained significant momentum, with an 85% surge on the monthly chart.
- The impending halving, which will reduce the block reward from 6.25 BCH to 3.125 BCH, has spurred bullish sentiment.
Bitcoin blockchain’s first hardforked version Bitcoin Cash (BCH) has witnessed a strong surge in trading activity in recent times surging by 13% all the way to $575 gearing up for new milestones going ahead. Furthermore, the daily trading volume has experienced a remarkable surge, increasing by 152% and reaching $1.76 billion at present.
As we approach the network’s halving event on April 4, Bitcoin Cash (BCH) has garnered significant momentum in the past month. The altcoin has surged by 85% on the monthly chart, securing a position among the top fifteen altcoins.
In anticipation of the impending halving event on April 4, Bitcoin Cash (BCH) has experienced a notable surge of 17%. Currently, the block reward stands at 6.25 BCH, but post-halving, it will be reduced to 3.125 BCH, as reported by Crypto News Flash.
Halving events, such as the one approaching for Bitcoin Cash, entail a halving of mining transaction rewards, which decreases the rate of new coin generation and subsequently reduces the available supply. Bitcoin is also poised for its own halving event on April 20, historically signaling a bullish trend for the cryptocurrency.
Bitcoin Cash Futures Open Interest Surges
In a noteworthy development, open interest in Bitcoin Cash (BCH) futures experienced a significant surge, more than doubling to $500 million on Thursday, up from $213 million the previous week. This uptick indicates a notable increase in leveraged bets, signaling expectations of heightened price volatility in the near term.
The surge in open interest coincides with the recent announcement by leading crypto exchange Coinbase, unveiling plans to introduce the first leveraged contracts for Bitcoin Cash. This move has further bolstered derivatives trading activity surrounding this particular altcoin.
Market analysts are optimistic about the future trajectory of BCH, with expectations of a rally to $600 by April 1st. Notably, Bitcoin Cash has demonstrated considerable volatility in recent weeks, with its 1-month volatility measuring at 11.82. Over the past 30 days, BCH has seen positive price movements on 19 occasions, underscoring the dynamic nature of its price action.
In tandem with the surge in open interest, the price of Bitcoin Cash has experienced a notable uptick, gaining 30% in the past week alone. Some market analysts have even issued bullish forecasts, suggesting the potential for BCH to reach as high as $2,000 in the foreseeable future. As reported by Crypto News Flash, market analysts are also expecting new all-time highs this year in 2024.
Already up 50% after this tweet. More ahead. $2000+ in the coming months. $BTC Maxi will be coping hard. $BCH to the moon!#bch #btc #defi #p2p #cash #money https://t.co/FiB7NeRfxp pic.twitter.com/mtw7nwpnWr
— Thunder.BCH (@ThunderBCH) March 27, 2024
Movement in the Crypto Space
Bitcoin (BTC) prices have remained relatively stable over the past 24 hours, with few significant catalysts driving movement following a week of volatility. Despite briefly surging above $71,000 on Tuesday, prices have since retraced and are currently holding steady around the $70,000 mark, as investors await a major options expiry scheduled for Friday.
Meanwhile, Dogecoin (DOGE) has emerged as the top performer among major cryptocurrencies, recording a 6% increase in value without any immediate catalysts driving the price action. However, historical price patterns indicate that the token is exhibiting similar fractals to those seen before significant price surges in the past.
