Bitcoin Cash

Bitcoin Unlimited

Rally

Bitcoin

April

Bitcoin Cash (BCH) surged over 10% following the successful completion of its second halving event on April 4th, 2024.
This price increase comes on the heels of a strong upward trend for BCH, which has seen a 23% rise in the past week and an impressive 43% upswing in the last month.
As of press time, BCH reached its highest price point since May 2021, trading at $673.
<figure id="attachment_38118" aria-describedby="caption-attachment-38118" style="width: 100%" class="wp-caption alignnone"><img fetchpriority="high" decoding="async" class="wp-image-38118 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49.png" alt="BCHUSDT, 1H timeframe" width="1534" height="857" title="Bitcoin Cash Soars After Halving, Hints at Potential Bitcoin Rally 1" srcset="https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49-300x168.png 300w, https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49-1024x572.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49-768x429.png 768w, https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49-750x419.png 750w, https://crypto.ro/en/wp-content/uploads/2024/04/BCHUSDT_2024-04-04_14-05-49-1140x637.png 1140w" sizes="(max-width: 1534px) 100vw, 1534px">
 <figcaption id="caption-attachment-38118" class="wp-caption-text">
 BCHUSDT, 1H timeframe
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</figure>
Market analysts attribute this <a href="https://crypto.ro/en/news/bitcoin-cash-completes-halving-today-15-days-ahead-of-bitcoins-halving/" rel="noopener noreferrer nofollow">price surge</a> to a confluence of factors, including the recent halving event and the overall bullish sentiment in the cryptocurrency market.
<h2 data-sourcepos="7:1-7:42" id="understanding-the-bitcoin-cash-halving">Understanding the Bitcoin Cash Halving</h2>
Bitcoin Cash is a derivative of the Bitcoin blockchain created in 2017. Designed to facilitate faster and cheaper transactions, BCH has experienced mixed reception within the crypto community.
The recent halving event, which occurred at block height 840,000, cut miner rewards in half, from 6.25 BCH to 3.125 coins per block. This follows the network’s first halving event in April 2020.
While the halving went smoothly, some initial network hiccups were reported<a href="https://twitter.com/lugaxker/status/1775799435227763197?s=20" rel="noopener noreferrer nofollow" target="_blank">. Ludovic Lars</a>, a Bitcoin Cash enthusiast, noted a significant slowdown, with blocks taking nearly four hours to be mined.
However, data from Post-halving, <a href="https://explorer.bitcoinunlimited.info/" rel="noopener noreferrer nofollow" target="_blank">Bitcoin Unlimite</a>d shows the network has since validated over 17 blocks.
Furthermore, <a href="https://www.oklink.com/chainhub/bch/network-stats?tabs=dashboard" rel="noopener noreferrer nofollow" target="_blank">OKLink</a> data reveals a surge in BCH’s network mining difficulty to its highest level since 2019, reaching 761,589.2. This coincides with a decrease in miner rewards, dropping from an average of 0.0003 at the beginning of the year to 0.00017 as of press time.
<figure id="attachment_38117" aria-describedby="caption-attachment-38117" style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="wp-image-38117 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/04/BCH-average-computing-power-of-the-entire-network.jpg" alt="BCH average computing power of the entire network" width="768" height="708" title="Bitcoin Cash Soars After Halving, Hints at Potential Bitcoin Rally 2" srcset="https://crypto.ro/en/wp-content/uploads/2024/04/BCH-average-computing-power-of-the-entire-network.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/04/BCH-average-computing-power-of-the-entire-network-300x277.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/04/BCH-average-computing-power-of-the-entire-network-750x691.jpg 750w" sizes="(max-width: 768px) 100vw, 768px">
 <figcaption id="caption-attachment-38117" class="wp-caption-text">
 BCH average computing power of the entire network
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</figure>
<h2 data-sourcepos="19:1-19:38" id="a-precursor-for-bitcoin-s-halving">A Precursor for Bitcoin’s Halving?</h2>
Market experts see BCH’s halving as a potential indicator for the upcoming Bitcoin halving scheduled for April 20th, 2024.
Similar to BCH, Bitcoin’s miner block rewards will be slashed in half, dropping from 6.25 BTC to 3.125 BTC. Industry leaders, including Grayscale and Hut 8 Mining CEO Asher Genoot, anticipate this event to significantly impact the broader cryptocurrency market.

Bitcoin Cash Soars After Halving, Hints at Potential Bitcoin Rally

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