Bitcoin Cash has risen 9.70% to $636 following its halving event that occurred today. This project, which is a fork of Bitcoin, was created in 2017 and experienced another split in November 2018, leading to the formation of Bitcoin Cash and Bitcoin SV.
Bitcoin Cash has gained over 600% since mid-2023 after breaking out of a consolidation that lasted more than 370 days in the zone just above $100 per token. The current levels haven't been seen since December 2021. However, it is still almost 80% below its all-time high of $3,700. The dynamic growth, primarily attributed to the halving, reflects increasing investor interest in the crypto market. Halvings, which reduce the supply of tokens entering the market, often lead to speculative increases. The current halving, the second in its history, halved the BCH supply from 6.25 BCH to 3.125 BCH per block.
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Source: xStation 5
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