Price Rally After Second Halving

Bitcoin Cash (BCH) successfully underwent its halving on the blockchain network on April 5, 2024, West Indonesia Time. Following this halving, the BCH price experienced fluctuations.

At the time of the halving, occurring at block 840,000, at 05:45 WIB on March 4, the price of Bitcoin Cash was US$574.90. About half an hour before the halving, the price had dropped to a low of US$565 from the high of US$607, and the weekly high of US$696 recorded on April1.

The price then rose back to US$691, marking a 10.37% increase in the last 24 hours. This figure was last seen in December 2021. Despite this surge, BCH still remains 80% below its all-time high level of $3,700 reached in December 2017.

Post-halving, Bitcoin Unlimited data revealed that the network has confirmed 840,017 blocks, meaning around 17 blocks have been validated since the event. Additionally, OKLink data shows that the BCH network's mining difficulty has surged to its highest level since 2019 at 761,589.2.

At the same time, miner rewards have decreased from an average of 0.0003 recorded earlier this year to 0.00017 at the time of writing.

Official BCH Miner Rewards Reduced

With the successful halving of Bitcoin Cash, miner rewards have decreased from 6.25 BCH to 3.125 BCH. Bitcoin Cash itself is a branch of the main Bitcoin blockchain launched in 2017. Bitcoin Cash includes many of the same features as Bitcoin, such as using the Proof of Work mechanism and having a total supply of 21 million coins.

Meanwhile, Bitcoin will undergo a halving of its block reward at the end of this month, with analysts differing on whether Bitcoin will act as a bullish driver for its cryptocurrency price.
Although some project a six-digit price post-halving, the crypto exchange Coinbase has urged caution, stating that "past performance is not indicative of future success or performance."

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