Bitcoin Cash Halving Spurs Price Resurgence as Reward Reduction Takes Effect

Get ready for the most highly anticipated event of the year! The fourth-ever Bitcoin halving is just around the corner, set to take place this month in April 2024.

But before that, Bitcoin Cash (BCH) has already completed its second halving early this morning, making it a significant milestone in the history of its blockchain. This event comes right before Bitcoin’s eagerly awaited halving, signaling a period of adjustment for the cryptocurrency market.

On April 4, 2024, Bitcoin Cash underwent its second halving, reducing miner rewards from 6.25 BCH to 3.125 BCH per block at block height 840,000.

Bitcoin Cash had its first halving on April 8, 2020, cutting rewards from 12.5 BCH to 6.25 BCH. Meanwhile, Bitcoin had its first halving on November 18, 2012.

Prior to the halving, BCH experienced a slight dip in price, dropping by 9.94% to $572.21. However, it quickly bounced back post-halving, reaching $635.61 and demonstrating impressive market resilience.

In the past week alone, BCH has surged by 17.45%, and over the past month, it has recorded an impressive 41% increase. On the other hand, Bitcoin has experienced a decline, falling below $66K in the early days of April.

Now, all eyes are on Bitcoin’s upcoming halving, which is expected to push the cryptocurrency to a new all-time high or close to its previous ATH.

The crypto market is also eagerly anticipating Bitcoin’s mid-May upgrade, which promises improved efficiency and scalability for the Bitcoin network. Notably, this upgrade will introduce an adaptive block size limit to optimize network security and reduce transaction fees.

Plans are in motion to scale the 32 MB block size limit based on actual transaction volumes, further enhancing the efficiency of the Bitcoin Cash network.

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