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Bitcoin Cash underwent its halving just a few weeks before Bitcoin’s quadrennial event.
The halving for Bitcoin Cash ($BCH) happened Thursday, reducing block rewards to 3.125 $BCH. Unlike bitcoin, this is only the second such event for the forked network. The last halving took place in early April 2020, with block rewards falling to 6.25 $BCH.
$BCH spiked to prices not seen since 2021 following its halving event, hitting a high of around $700 in early Friday hours before it settled around $660. The jump marks a 10% increase over the past seven days.
The price action is nowhere near its all-time highs in 2017 when it traded over $9,500, according to Coinbase data.
Read more: Roger Ver was right about Bitcoin
$BCH, a proof-of-work blockchain, was intended to be a cheaper and faster alternative to the original bitcoin chain, from which it forked in 2017.
Bitcoin Cash’s market cap sits around $13 billion, far below the $1.3 trillion market cap set by bitcoin. The price, however, has gradually increased as the forked blockchain shadowed bitcoin’s gains.
Read more: ETFs helped ‘legitimize’ bitcoin ahead of halving: Q&A
Since the approval of the spot bitcoin ETFs in January, bitcoin has steadily climbed and carved out new all-time highs. Bitcoin (BTC) is currently trading at around $67,000.
Bitcoin’s halving will happen on or around April 20 at block 840,000. The event takes place every 210,000 blocks.
coindesk.com
en.bitcoinsistemi.com
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