Bitcoin Cash experienced a notable spike, surging more than 10% after the blockchain network halving was completed.
The digital asset, which has been on a consistent upward trajectory since the beginning of the year, is up an impressive 23% in the past week and a whopping 43% in the past 30 days, according to data from . crypto slate.
At the time of writing, BCH was trading at $673, its highest since May 2021.
Market analysts believe that this price surge in BCH is due to several factors, including the recent halving event and the current bullish sentiment surrounding the market.
Bitcoin cash halving
Bitcoin Cash is a proof-of-work blockchain network that forked from Bitcoin in 2017. This network was designed to facilitate faster and cheaper transactions. However, adoption from the cryptocurrency community has been limited.
In April 2020, BCH held its first halving event, reducing miner rewards from 12.5 BCH to 6.25 BCH. This recent halving occurred at a block height of 840,000, further reducing miner rewards to 3.125 coins per block.
Bitcoin Cash enthusiast Ludovic Lars said:
“halved bitcoin cash It finally took place last night at 10:45 pm UTC (12:45 am CET). The block grant increased from 6.25 BCH to 3.125 BCH. However, the network experienced significant slowdowns. Blocks 839,990 and 839,991 were mined approximately 4 hours apart. ”
Post-halving Bitcoin Unlimited data reveals that the network has confirmed 840,017 blocks. This means that approximately 17 blocks have been verified since the event.
Additionally, OKLink data shows that BCH’s network mining difficulty has soared to its highest level since 2019 at 761,589.2. At the same time, the miner's compensation has decreased from an average of 0.0003 recorded earlier this year to 0.00017 at the time of this writing.
Is it a sign of Bitcoin halving?
Market experts say this could be a harbinger of Bitcoin's halving as BCH's halving approaches.
BTC is scheduled to undergo its fourth halving on April 20th, when the miner block reward will be halved from 6.25 BTC to 3.125 BTC.
In particular, major companies such as asset management firm Grayscale and Hut8 Mining CEO Asher Genuto have emphasized that this upcoming event will have a major impact on the broader cryptocurrency industry.
