- The price of Bitcoin Cash increased significantly to $574.84 in trading ahead of its second halving event on April 4.
- With record-high open interest in futures contracts and a doubling of BCH’s hash rate prior to the halving, the market has seen strong activity.
With a sharp rise in market activity and price, Bitcoin Cash (BCH) is now trading at $574.74, up 8.95% in just the last day. This increase is a prelude to the upcoming April 4 BCH halving event, which is expected to pique the interest of both traders and investors.
Rise in the Market Before the BCH Halving
NiceHash data shows that market players are actively bolstering their positions ahead of the BCH halving.
On March 28, significant liquidations of $190,140 in short positions and $211,870 in long positions demonstrated the market’s reaction to the approaching event.
Furthermore, according to CoinGlass, open interest in Bitcoin Cash futures perpetual contracts hit all-time highs of $708.75 million, a notable gain of 18.26% in a single day and an astounding 165% increase in a single week.
This market activity spike is in stark contrast to the situation on the same date in 2020—shortly before the first-ever BCH halving. The fact that futures open interest was only $63.29 million at the time demonstrated the increasing interest in and trust in Bitcoin Cash.
Miners stepped up their efforts in the wake of the 2020 halving event, which saw miner incentives cut in half from 12.5 BCH to 6.25 BCH. Over the last week, sources have indicated that the Bitcoin Cash hash rate has doubled.
Mining Boom Before the Event
Despite the fact that Bitcoin is getting closer to its fourth halving at all-time highs, the rising mining activity is evidence of the tenacity and hope surrounding Bitcoin Cash. It is nevertheless interesting that, according to CoinMarketCap data, Bitcoin Cash is still well below its all-time high of $4,355, which was attained in December 2017.
A tweet from cryptocurrency specialist Clifton Fx indicated that BCH was about to break out from a Symmetrical Triangle pattern on the two-hour chart, potentially boosting its price to $540. This development was reported in an earlier ETHNews report.
$BCH is Getting Ready for Bullish Wave📈#BCHUSDT #BCH #Crypto pic.twitter.com/jFH3EGKikC
— Clifton Fx (@clifton_ideas) March 27, 2024