Bitcoin Cash recently underwent its halving event, reducing block rewards to 3.125 BCH, marking only the second such occurrence for the network. The last halving took place in early April 2020, when block rewards dropped to 6.25 BCH. Following this halving, BCH experienced a surge in price, reaching levels not seen since 2021, peaking at approximately $700 before stabilizing around $660. This represents a 10% increase over the past week.
However, the current price remains notably lower than its peak in 2017, when it traded above $9,500. Bitcoin Cash, which operates on a proof-of-work blockchain, was created as a more affordable and faster alternative to the original Bitcoin chain, from which it forked in 2017. Despite its market cap being lower, around $13 billion compared to Bitcoin’s $1.3 trillion, BCH’s price has been steadily rising, following Bitcoin’s trajectory.
In other developments, following the approval of spot Bitcoin ETFs in January, Bitcoin has been consistently climbing to set new all-time highs, currently trading around $67,000. Bitcoin halving event is scheduled for on or around April 20 at block 840,000, a recurring event that happens every 210,000 blocks.
