Bitcoin Cash (BCH) post-halving: how will the cryptocurrency market change?
Bitcoin Cash (BCH) Cryptocurrency Halving Event
Bitcoin Cash (BCH), one of the popular variations of Bitcoin, recently underwent a halving, which entails reducing the rewards for miners who solve blocks. This is a significant event in the world of cryptocurrencies, impacting the price of this asset and the entire cryptocurrency market.
Bitcoin Cash (BCH) Price Surge After Halving
Following the halving, the price of Bitcoin Cash surged by 10% in just 24 hours, making it one of the best performers among cryptocurrencies in calm markets. According to data from CoinMarketCap, BCH reached a value of $660, but still remains 84% below its historical peak of $4,355 in 2017.
Reduction in Circulating New Tokens
Similar to Bitcoin’s (BTC) halving, the reward for solving a block in Bitcoin Cash has been halved. This means that the amount of new tokens entering circulation is limited. Currently, the new block reward for BCH stands at a fixed 3.125 BCH until 2028, when the next halving is set to occur.
Market Reaction to Bitcoin Cash (BCH) Halving
Prior to the Bitcoin Cash (BCH) halving, it was being watched against the backdrop of the broader cryptocurrency market. It’s worth noting that digital assets exhibited increased volatility in the period leading up to the halving. After the halving, the cryptocurrency market saw drops of up to 14% within the first 24 hours, emphasizing the impact of this event on the entire cryptocurrency market.
Future Outlook Post Bitcoin Cash (BCH) Halving
Corey Wilton, co-founder and CEO of Mirai Labs, suggests that the cryptocurrency market may display different behaviors post-halving compared to previous cycles. Particularly important will be observing the reactions of institutional investors, who could influence the pricing of digital assets in the coming months.