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The year 2024 is experiencing a continuation of the recovery that defined 2023. The previous year was marked as a full recovery period, reflecting the bounce back from the 2022 crypto winter. During this time, Bitcoin approximately tripled in value, while Solana and some altcoins were observed to have risen more than 10x. In 2024, the influence of spot Bitcoin ETFs and now the excitement of the halving are supporting the price to remain at high levels. So, what is happening in the market as the halving approaches?
Bitcoin Cash Halving Approaches
Bitcoin Cash (BCH), as its halving event draws near, has seen an increase of over 37% in the last seven days, attracting attention. Known as a Bitcoin hard fork that split from BTC in 2017, BCH has risen from its previous week’s level of $418.46 to as high as $600.
NiceHash hash rate calculations estimate the halving date for Bitcoin Cash to be April 3 as of today. BCH’s halving process occurs every four years, at intervals of 210,000 blocks, and on April 3, the current block reward of 6.25 BCH will decrease to 3.125 BCH.
What is the Current Price of BCH?
Despite a 4% decline in the last 24 hours, the cryptocurrency ranked 15th by market value continues to trade above the $600 level. The market cap of BCH was calculated at $11.8 billion during this period.
There was also a 19% decrease in BCH’s 24-hour trading volume, which stands at around $1 billion. This decline could be interpreted as a sign that investor transactions are slowing down in preparation for the halving.
On the other hand, calculations suggest that Bitcoin’s halving is expected to occur on April 19.
Rekt Capital, known as one of the significant analysts in the market, shared with his followers and users on X that BCH, Dogecoin (DOGE), and Litecoin (LTC) might have broken their multi-year macro downtrends or are in the process of doing so.
DOGE, indisputably the top memecoin by market value, is trading at $0.2108 at the time of writing. Ranked 8th, DOGE has experienced a drop of about 1% in 24 hours but saw an increase of 29% over the past week.
LTC, at the time of writing, is finding buyers at $103.31. The cryptocurrency asset, ranked 19th by market value, has seen an increase of approximately 20% over the last seven days.
