The cryptocurrency world is buzzing with excitement as the highly anticipated fourth Bitcoin halving approaches in April 2024. However, before all eyes turn to Bitcoin, its counterpart Bitcoin Cash (BCH) has made headlines by completing its second halving early this morning.
This marks a significant milestone for BCH’s blockchain and sets the stage for changes in the crypto market.
Bitcoin Cash underwent its second halving in the early morning of April 4, reducing miner rewards from 6.25 BCH to 3.125 BCH per block at block height 840,000.
While Bitcoin had its first halving on November 18, 2012, Bitcoin Cash had its first halving occurred on April 8, 2020, halving rewards from 12.5 BCH to 6.25 BCH.
Market Resilience
Before 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. Over the past week, BCH has surged by 17.45%, and over the last month, it has seen a remarkable 41% increase, contrasting with Bitcoin’s recent dip below $66K in early April.
With Bitcoin Cash leading the way, attention now shifts to Bitcoin as it prepares for its fourth halving. Expectations are high for Bitcoin to reach a new all-time high or come close to its previous peak, reflecting the positive sentiment surrounding the leading cryptocurrency.
As the crypto community eagerly awaits Bitcoin’s halving, focus is also on its mid-May upgrade. This upgrade promises improved efficiency and scalability for the Bitcoin network, with plans to introduce an adaptive block size limit to enhance security and reduce transaction fees.
Polishing Up Bitcoin Cash
In sync with Bitcoin’s advancements, efforts are underway to scale up Bitcoin Cash’s block size limit according to transaction volumes. This move aims to enhance the efficiency of the Bitcoin Cash network, further solidifying its position in the market.
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