Bitcoin Cash (BCH) has surged 10% after completing its reward halving event, becoming one of the few gainers in an otherwise tepid market as bitcoin (BTC) – whose own halving occurs later this month – remained little changed over 24 hours, reports Coindesk.
BCH changed hands at $660 in European morning hours, a price level not seen since December 2021. The token remains 80% below a lifetime peak of $3,700 set in December 2017.
Bitcoin Cash’s block reward is now 3.125 BCH. Halving occurs when the reward for mining transactions is cut by 50%, reducing the rate at which new coins are created and thus lowering the available new supply, says Coindesk.
Bitcoin’s own halving is expected on April 20, trackers show, and has historically preceded a bull market for the token. The previous halving, in 2020, spurred a 1,000% run to a then-record high of $69,000 roughly a year and a half later.
Coindesk has a comprehensive explainer, here.
Open interest on BCH-tracked futures swelled to $700 million earlier this week from below $200 million in March, showing an increase in leveraged bets on more expected price volatility, as previously reported.
