Bitcoin Cash (BCH) is experiencing a notable surge, trading at $574.84, reflecting a 9.06% increase in the last 24 hours, as the crypto community anticipates the second BCH halving event slated for next week.
This event has sparked significant trading activity, with traders actively adjusting their positions in anticipation.
According to NiceHash, the BCH halving is expected on April 4, leading to substantial movements in the market on March 28, with $190,140 liquidated in short positions and $211,870 in long positions.
Furthermore, Bitcoin Cash futures perpetual contracts reached a historic peak in open interest (OI), hitting $708.75 million, marking an 18.26% rise in a single day and a staggering 165% increase over the week, as reported by CoinGlass.
This surge in interest is a significant jump from May 2021, when OI was at $684.12 million, around the time BCH hit its five-year peak price of $1,399.
Contrastingly, back on the same date in 2020, just before the first BCH halving, futures open interest was significantly lower at $63.29.
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During the first halving in April 2020, miner rewards were halved from 12.5 BCH to 6.25 BCH, a change that miners are responding to by ramping up their efforts in anticipation of the upcoming halving.
“DavidShares,” a prominent user on X, highlighted that the Bitcoin Cash hash rate has doubled in the past week. Hash rate, a critical measure of the computational power in a proof-of-work blockchain, reflects the mining and transaction processing capacity.
While Bitcoin is nearing its fourth halving on April 21, amid record highs, Bitcoin Cash’s price remains well below its all-time high of $4,355, achieved in December 2017, as noted by CoinMarketCap.
The earlier scheduling of the BCH halving, relative to Bitcoin’s, stems from a temporary algorithm adjustment made by Bitcoin Cash in 2017.
This adjustment expedited the block creation process, setting the stage for the earlier halving event compared to Bitcoin, scheduled for April 21.
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