Bitcoin Cash Experiences Significant Post-Halving Price Jump

By: Isha Das

The digital asset Bitcoin Cash has seen a noteworthy surge, jumping more than 10% following its recent halving event. This has led to its price reaching its highest level since May 2021. Over the past month, the asset has enjoyed a 43% upswing and analysts believe that the recent halving event coupled with the current bullish market sentiment are contributing factors.

Bitcoin Cash is a blockchain network that branched out of Bitcoin in 2017 to accommodate faster and cost-efficient transactions. The first halving event took place in April 2020, reducing miner rewards from 12.5 BCH to 6.25 BCH. The latest halving further slashed the rewards to 3.125 coins per block. Despite this reduction, the network has confirmed 17 blocks since the event.

After the halving, Bitcoin Cash's mining difficulty reached its highest since 2019 at 761,589.2. On the flip side, miners' rewards have dipped since the start of the year. Market experts assert that this event may serve as a precursor to the upcoming Bitcoin halving, which will see miner block rewards halved from 6.25 BTC to 3.125 BTC.