- BCH faces its next halving, triggering massive sales by miners; its reserves decreased from 9.2M to 6.65M BCH.
- In the face of BTC halving, LTC shows a significant increase, with whale holdings approaching an all-time high.
Bitcoin Cash (BCH) peaked at $527 on March 3, but has recently shown a different trend than the rest of the market, highlighting the importance of the approaching halving event. Despite theoverall uptrend in the market, BCH has struggled to maintain this momentum over the past week. Historical data suggests how the halving event could influence the price.
Bitcoin Cash follows a cycle of halving rewards every four years or 200,000 blocks. The next event is scheduled for April 4, 2024. Currently, the reward per block is 6.25 BCH, which will be reduced to 3.13 BCH. This network adjustment has prompted a massive sell-off by miners, reducing their holdings significantly from 9.2 million BCH to 6.65 million.
Regarding Litecoin (LTC), interesting behavior has been observed in anticipation of its own halving. With Bitcoin’s halving less than two months away, there is speculation that mining resources may shift to alternative networks such as BCH and LTC, seeking better returns. This has resulted in growth in LTC, by a 28% increase in its price in just 48 hours, which pushed LTC above $95, before stabilizing at $85.
Litecoin whale holdings have approached an all-time high of 34.4 million LTC, nearly reaching all-time highs. This movement by key investors suggests a positive expectation towards the future value of post-halving LTC.
