Bitcoin Cash, a cryptocurrency that emerged from a controversial fork of Bitcoin in 2017, is making headlines as it reaches its highest price in nearly three years.
Anticipation of Halving and Performance
The recent surge in the BCH price is attributed to anticipation of the upcoming halving, scheduled in two days. This event, which halves mining rewards, is expected to curb inflation and increase the scarcity of the currency, historically leading to price hikes.
This anticipation comes at a time when Bitcoin itself is experiencing increased volatility ahead of its own halving on April 20, but seeing a slight dip for the day, dragging down the rest of the market.
The two cryptocurrencies have different halving dates due to alterations in the mining algorithm.
Bitcoin Cash Against the Market
From a technical standpoint, Bitcoin Cash is defying the overall crypto market trends. While Bitcoin is dipping below $69,000, BCH stands out as the top-performing cryptocurrency among the top 40 in terms of market capitalization.
Bitcoin Cash remains above $600, with a current price of $630. Despite its surge, BCH is still far from its ATH, with a record price of over $4,350 reached in 2017.
