The digital currency market persists in its upward trajectory through 2024, continuing the recovery that began in the previous year. In 2023, a robust resurgence from the 2022 downturn saw Bitcoin‘s valuation nearly triple, while Solana and various altcoins experienced a surge, some by more than tenfold. Currently, the cryptocurrency sector is buoyed by the advent of Bitcoin ETFs and the much-anticipated halving event, which keeps prices elevated.
Surge in Bitcoin Cash Value
Bitcoin Cash (BCH), one of the major cryptocurrencies, has significantly appreciated by over 37% in the week leading up to its halving event. Originating from a Bitcoin fork in 2017, BCH saw its value leap from $418.46 to a high of $600. The halving, which is set to occur on April 3, is expected to slash the block reward from 6.25 to 3.125 BCH, as per the four-year, 210,000-block interval schedule.
Bitcoin Cash Market Performance
Despite a minor 4% dip in the past day, Bitcoin Cash retains a value above $600 and holds the 15th position in market capitalization, with an $11.8 billion market cap. However, a 19% fall in the 24-hour trading volume to about $1 billion suggests a slowdown in trading activity as the market anticipates the halving.
While Bitcoin Cash prepares for its halving, prominent market analyst Rekt Capital points out the potential end of the multi-year macro downtrends for BCH, Dogecoin (DOGE), and Litecoin (LTC). DOGE, the leading memecoin, trades at $0.2108 and is ranked 8th despite a slight 1% decline, following a 29% weekly increase. Meanwhile, Litecoin, currently priced at $103.31, has climbed roughly 20% over the week and is ranked 19th in market value.
In contrast to BCH’s imminent halving, Bitcoin is expected to experience its halving event later in the month, around April 19. This underscores a period of intense focus and speculation within the crypto community as these pivotal events approach.