Important facts:
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Bitcoin Cash Halving will happen on April 4th.
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BCH has also been boosted by the broader cryptocurrency bull market.
The price of Bitcoin Cash (BCH) has surged 35% in the past seven days, reaching highs not seen since 2021.
The price of BCH, a cryptocurrency product of a fork (fork) Bitcoin was at $396 last week At present its price is 570 dollars. With a market capitalization of $11,000 billion, as the following graph shows:
This rise in the value of BCH is also reflected in the daily trading volume. There has been an increase of 19% in the last 24 hoursReached $1,387 million according to data From CoinMarketCap.
Additionally, open interest in BCH futures has doubled, rising to $213 million from $213 million last week. $500 million todayOk data From coinglass.
This indicates that there are more traders who are willing to buy and sell BCH futures and suggests greater demand for BCH in the market.
One of the main reasons behind this rise in Bitcoin Cash is Estimated to be half or less than half of the issue, program For next 4th April.
It is important to clarify that Bitcoin Cash (BCH) is not Green Bitcoin (BTC). However, its history is also the history of Bitcoin, as they were a single currency until August 1, 2017. Bitcoin Cash is the first direct fork of Bitcoin, as defined by Cryptopedia (the educational section of CryptoNoticias).
Therefore, there is also a halving in BCH which will reduce the current reward from 6.25 BCH to 3.125 BCH, creating bullish expectations in the market.
Apart from the halving, another factor that has contributed to the rise in the price of BCH is a movement made by the Coinbase exchange in the United States.
The company, through its subsidiary Coinbase Derivatives submitted an application For Launch Bitcoin Cash Futures Contract Before the Commodity Futures Trading Commission (CFTC) on March 7.
The document details the details, settlement methodology and structure of the contracts, with launch scheduled for April 1, subject to regulatory approval.
At the end, The bull market for Bitcoin and cryptocurrencies in general has also had a positive impact on the price of BCH., With BTC once again reaching its all-time high of $73,000, a favorable environment has been created for the growth of altcoins like BCH, which benefit from the positive trend of the market as a whole.
