Bitcoin Cash (BCH) Price Surges 14% as ‘Halvening’ Nears

Bitcoin Cash continued its monthly surge with another 14% growth spurt. Is BCH’s April “halvening” event the catalyst behind recent gains?
Bitcoin cash, BCH
Bitcoin cash leads crypto markets higher on Wednesday. | Image: shutterstock.com
  • Bitcoin Cash led the cryptocurrency top ten on Wednesday with a 14% growth surge.
  • BCH shrugged off fears of a community split over an arbitrarily imposed tax on miners.
  • The coin’s “halvening,” or block reward halving, is scheduled for Apr. 8 – around a month before BTC’s.

Bitcoin Cash (BCH) gained 14% on Wednesday, with the majority of the growth occurring in a short four-hour burst. The bitcoin fork led the way in the market cap top ten, as the broader cryptocurrency market experienced a $12 billion influx.

Bitcoin Cash Jumps 14%

Almost exactly $1 billion of that figure went straight into bitcoin cash. From Tuesday’s low of $375.03, the unit value of BCH rose to $430.09.

Bitcoin Cash, BCH,
Bitcoin cash underwent a 14% price surge on Wednesday afternoon. | Source: TradingView

That equated to 14.7% growth, and saw the coin’s market cap climb from $6.8 billion to $7.8 billion. For now, that cements bitcoin cash’s fourth place position in the market cap rankings, just weeks after it was temporarily displaced by bitcoin SV (BSV).

CoinMarketCap reported $4.4 billion worth of trade volume for BCH on the day – up 41% from $3.1 billion 24 hours earlier. A more conservative estimate from Nomics places transparent volume at $226 million – up 45% from yesterday.

Wednesday’s surge compounds 91% growth for the month for BCH. Measuring its performance since December’s market low, we see 147% growth over nine weeks.

Bitcoin Cash, BCH,
BCH recorded 91% growth over the past month, and 147% growth since December. | Source: CoinMarketCap

Shrugs Off Tax Man; “Halvening” In Sight

While bitcoin cash benefited most from the market’s rising tide on Wednesday, observers still had cause to be surprised. The coin’s community has been locked in heated debate for nearly two weeks concerning an internal development fund.

The BCH tax fund was initially deemed an imposition by a large section of its community. After an anonymous group of miners threatened to hard fork away from the taxed chain, the tax plan was apparently pulled back to the discussion stage.

One positive outlook for bitcoin cash may involve the coin’s “halvening,” which is scheduled for Apr. 8. That’s just over a month before bitcoin’s (BTC) own halving, and may help explain why BCH has outperformed many of its peers of late.

An analogous situation can be seen with bitcoin SV, which is also due to halve its block rewards in April. The coin led by the self-proclaimed Satoshi Nakamoto, Craig Wright, gained 456% from December’s low. After a significant pullback, the coin retains 254% growth over the past nine weeks.

Disclaimer: The above should not be considered trading advice from CCN.com. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

Sam Bourgi edited this article for CCN.com. If you see a breach of our Code of Ethics or find a factual, spelling, or grammar error, please contact us.

Comments

* All comments must be approved by staff before appearing on CCN.com. We do not allow bad language, hate speech, nor verbal attacks on staff or other commentators. Some comments may be edited for clarification or if they are in breach of our comment policy. If you wish to delete your comment or data, please contact us.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Most Commented

More from this author: