Bitcoin Cash (BCH) Price Soars 17%

Bitcoin Cash has surged by 17% with its price at $562 with a market size of $11.07B and a daily trade volume has risen by 152% to $1.76B.

Recently, investors have been paying attention to Bitcoin Cash (BCH), the first hardforked version of the Bitcoin blockchain. In the past 24 hours, the value of Bitcoin Cash has increased by 17%.

At the time of this publication, the price of Bitcoin Cash had increased by 15.53%, placing it at $562 and having a market size of $11.07 billion.

In addition, the daily trade volume has increased by an astounding 152%, currently hovering around $1.76 billion. Over the past month, Bitcoin Cash has been gaining a lot of momentum, which is particularly noteworthy as we are getting closer to the halving event that will take place on the network on April 4th.

Bitcoin Cash (BCH) Price Eyes New Moves

BCH price has already increased by an astounding 85 percent on the monthly chart, contributing to the altcoin’s advancement to a position among the top fifteen altcoins.

The value of BCH increased by 17% in anticipation of the approaching halving event that will take place on April 4. The block reward is currently 6.25 BCH.

However, after the next halving, it will drop to 3.125 BCH. This will indicate that the reward will decline. Halving events occur when we cut the incentives for mining transactions in half.

This slows down the rate at which new coins are generated, reducing the number of accessible coins. Trackers predict that the Bitcoin halving event will occur on April 20.

This event has often signaled a favorable trend for the cryptocurrency. Furthermore, open interest in Bitcoin Cash-tracked futures significantly increased to $500 million on Thursday, a more than double increase from the previous week’s total of $213 million.

We anticipate increased price volatility, reflected in this surge, signaling an increase in leveraged bets. The cryptocurrency exchange Coinbase announced over the last week that it will launch the first leveraged contracts for Bitcoin Cash.

This has further boosted the trading of derivatives for this alternative cryptocurrency. Analysts anticipate that the price of BCH will continue to rise until it reaches $600 on April 1st.

Over the past few months, Bitcoin Cash (BCH) has seen a significant amount of volatility, with its volatility over one month reaching 11.82. The price of Bitcoin Cash has been on an upward trend for 19 consecutive days during the past 30 days.

Several market analysts have already issued bullish calls that extend up to $2,000, and the price of BCH has also increased by thirty percent in the past week.