The bitcoin cash halving took place on Thursday, April 4, causing the price of bitcoin’s little brother to rise.
Bitcoin cash, the little brother of bitcoin, experienced its halving on Thursday April 4. This can give a glimpse of what will happen to bitcoin in ten days. As a reminder, bitcoin cash is a cryptocurrency from fork (a separation into two distinct branches) of the Bitcoin blockchain in 2017.
As bitcoin and bitcoin cash come from the same blockchain, it is not surprising that bitcoin cash holds its halving in the same month as bitcoin. Here, bitcoin cash held its halving on April 4. We went from a remuneration of 6.25 bitcoins cash per block to 3.125 bitcoins cash, i.e. the same reductions (in percentage) that bitcoin will experience on April 19 (6.25 bitcoins to 3.125 bitcoins).
The bitcoin halving takes place approximately every four years and more precisely every 210,000 blocks validated on the Bitcoin blockchain. This is a halving of the number of bitcoins issued to the market as rewards to miners (who validate transactions on the blockchain).
60% increase in one month
Bitcoin cash exploded upward, achieving a 25.7% increase between its lowest at $564 on April 3 and its highest at $709 on April 6, the highest since September 2021. The cryptocurrency, whose price currently fluctuating around 694 dollars, achieving 60% increase in one month, according to data from Coinmarketcap. This is much better than bitcoin which only rose 6% over this same period (and which is currently trading around $71,700).
The capitalization of bitcoin cash also increased from 11 to 13.6 billion dollars in the space of a few days last week, the token ranking in 14th position among the most capitalized cryptocurrencies on the market.
Despite this good progression, bitcoin cash remains 84% lower than its all-time high in December 2017, at $4,355.
Source: https://www.bfmtv.com/crypto/bitcoin/le-bitcoin-cash-s-envole-apres-son-propre-halving_AV-202404080622.html
