The Bitcoin Cash price surged after it's halving and went on a nice 10% run after it's halving while the rest of the market seemed to be in a consolidation period. BCH has been on a run lately as it has been listed along with Bitcoin, Ethereum, and Litecoin as commodities by the CFTC in the US, as well as being apart of the new Coinbase Futures offerings. There has been a ton of talk about BCH on social media, which of course sparks a ton of drama between the BTC maxis and the BCH 'Big Blockers' communities. But as they say, any press is good press, and that is no different with BCH lately!
Halving Highlights
So let's talk about the BCH halving that just happened on April 4th, 2024. Bitcoin Cash witnessed a solid 10% spike in value after its recent halving event , hitting $660 per coin but retracing back to around $640 at the time of writing. Meanwhile, Bitcoin (BTC) maintained its consolidation around $66K-$67K during the same period. This makes people wonder if this happened with the BCH halving, what is BTC's going to look like in a couple of weeks?
This surge in BCH value could serve as a precursor to what's in store for Bitcoin, with its own halving scheduled for April 20th, 2024. Historically, such halving events have often triggered significant bullish trends, a pattern worth keeping an eye on. But, the biggest difference in the BCH vs BTC halving is going the be the Wall Street effect and how the ETF investors are going to react.
Room for Growth
Despite the positive momentum, Bitcoin Cash still lags significantly, standing at 80% below its all-time high of $3,700 recorded in December 2017. Additionally, the network has experienced some slowdown, with block mining intervals extending to around 4 hours post-halving.
BCH still stands as being the true vision of what Satoshi intended when he created Bitcoin. They believe that BCH holds the true values of being a peer to peer currency for the people instead of a slow and unscalable store of value that many people feel that BTC has become. With the recent interest in futures trading, BCH has a ton of room to grow and improve.
Wrapping It Up
In summary, the recent surge in Bitcoin Cash's value hints at possible movements in the broader cryptocurrency market, especially with Bitcoin's impending halving. However, while excitement in the market starts to brew up as we get closer and closer to that event, it's essential to maintain a level-headed approach and monitor developments closely. There are many out there that think the BTC halving is going to be a sell the news event, but if BCH has any indication, we could see some pretty big price movements. Only time will tell! Just make sure you are doing your research and trading logically!
Nothing said is financial advice.
This is for educational and recreational purposes only!
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