HomeNewsHalving Success: Bitcoin Cash Price Soars to Levels Not Seen Since 2021

Halving Success: Bitcoin Cash Price Soars to Levels Not Seen Since 2021

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  • Bitcoin Cash rose over 10% after its halving, to 23% weekly and 43% monthly, reaching its highest price since May 2021.
  • The BCH halving cut miner incentives to 3.125 per block, slowing the network and increasing mining difficulty, demonstrating the event’s major impact on network dynamics.

After the blockchain network’s split event, Bitcoin Cash (BCH) went through a big jump, rising over 10%. This was a big moment in its history. There has been a general trend for BCH to go up since the beginning of the year, and this latest rise is part of that.

CoinGecko’s most recent data shows that BCH has grown by an amazing 43% in the last 30 days and a noticeable 23% in the last week alone. It now trades at $673, which is its highest level since May 2021.

Factors Driving The Price Surge

Analysts say that this huge price increase is due to a number of things, with the recent split event on the blockchain being the most important. Doubling, a key occurrence in the life of any proof-of-work blockchain, has historically indicated bitcoin price increases. Because there aren’t as many new coins, prices rise when demand stays the same or rises.

To speed up and lower trading costs, Bitcoin Cash was invented. It emerged in 2017 after Bitcoin was divided into two initiatives. Even though it has big plans, the network has had a hard time becoming widely used in the crypto community.

Even so, the events that caused the halves are still very important to its economic plan. Miner awards were cut in half for the first time in April 2020, going from 12.5 BCH to 6.25 BCH.

The most recent event cut these benefits even more, to 3.125 coins per block. This was a big moment in the network’s economic changes. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.

The Effect of BCH Halving

Ludovic Lars, a strong backer of Bitcoin Cash, talked about the effects of the halving: “The halving of Bitcoin Cash finally took place last night at 10:45 p.m. UTC.” The block payment went up from 6.25 BCH to 3.125 BCH.

But there was a big slowdown in the network, and blocks 839,990 and 839,991 were mined almost 4 hours apart. This slowdown shows how the halving is affecting things right now, as miners get used to the new reward system.

Bitcoin Unlimited data showed that the network had confirmed a total of 840,017 blocks after the halving, with an additional 17 blocks being confirmed after the event. At the same time, OKLink data showed that BCH’s network mining difficulty went up, hitting its highest point since 2019 at 761,589.2.

This rise in difficulty, along with the drop in miner rewards from an average of 0.0003 at the beginning of the year to 0.00017 after the halving, shows how the BCH mining environment is changing.

Meanwhile, according to previous ETHNews reports, the Bitcoin Cash surge attracted 230,000 new investors, driving the BCH price to a three-year high just before the halving event.

The crypto community is paying close attention as BCH figures out what to do next after the halving. There is reason to be optimistic about BCH’s future because price drops after half have happened before. But the network’s problems with wider adoption are still a big part of its long-term success and survival.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628