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Following the much-anticipated Bitcoin (BTC) halving days, the cryptocurrency market, including Bitcoin Cash, experiences several events. Bitcoin Cash, a PoW-based cryptocurrency created after a hard fork of the Bitcoin chain, is greatly influenced by Bitcoin’s price. The price of Bitcoin Cash has been on a steady upward trend for days and continues to trend within the crypto community.
Bitcoin Cash Reaches a Three-Year High
The price of Bitcoin Cash reached its highest level in three years at $699.45 after surging over 120% in a month. Currently, it is trading at $682.23, marking a 15% daily increase. According to the 21milyon.com website, it ranks 13th with a market value of $13,401,198,205 following a 14% increase. The price rise in the cryptocurrency is due to an increase in token transactions, with the trading volume jumping by 190% in just one day to $1,487,721,200. The Bitcoin Cash chart appears to be moving similarly to three years ago, suggesting a potential rise to $1509.11. Nevertheless, it is still 84% below its all-time high reached almost six and a half years ago.
The crypto market’s fear and greed index shows extreme greed, indicating better performance compared to other days. While Bitcoin is valued at $97,000, Ethereum maintains its value at $3500 for several days. These factors must have influenced the value of Bitcoin Cash, but there are two more reasons behind the price increase of Bitcoin Cash. The Commodity Futures Trading Commission (CFTC) recently announced several cryptocurrencies, including Bitcoin Cash, as commodities. Investors can now focus on crypto investments without worrying about the token’s regulatory compliance. This news emerged in response to ongoing legal issues related to the KuCoin exchange.
Expectations for Bitcoin Cash
As a result of the mentioned CFTC support, Coinbase may launch several services that will provide more security and stability on the network related to Bitcoin Cash derivatives. The effectiveness of the Bitcoin Cash halving is set to occur tomorrow, even before the Bitcoin halving event. Similar to Bitcoin, Bitcoin Cash undergoes a halving event every four years to reduce the token’s supply and maintain its value. Currently, the block reward for BCH is 6.26 BCH, but it will be 3.125 BCH after the halving.
A price increase in BCH value is expected after this halving event. Based on this expectation, 230,000 new investors stepped in to invest in BCH over the last ten days. The number of BCH holders increased from 25.88 million on March 21 to 26.11 million on March 31. Bitcoin Cash is undergoing its second halving since its launch in 2017. Even before the halving, the value of BCH rose to $690 and could surpass $700 before the event. In the best-case scenarios, the price could climb to $1,000 or more.
