The increase in value was generated by whale activity and the wait for the next halving.
Launched in August 2017, Bitcoin Cash has provided traders and developers with several exciting opportunities. Currently, BCH is worth $280, achieved after a growth of 26% in the last month.
According to analysts, BCH is preparing to hit new highs, and traders and enthusiasts are increasingly attracted to the dynamics behind its surging growth and the potential implications for the cryptocurrency market.
BCH Whales
The recent rise in the value of Bitcoin Cash is related to reports of substantial transfers by whales within the BCH network.
One transfer involved the movement of 235,300 BCH worth approximately $62.38 million, which sparked several speculations among crypto market traders and analysts.
The reason for these transfers is unknown, but analysts believe it could be a relocation of assets by a major BCH trader, or OTC (over-the-counter) transactions made outside of traditional exchanges.
Bitcoin Cash Halving
This whale activity comes at a crucial time for Bitcoin Cash, as the cryptocurrency prepares for its upcoming halving.
As with Bitcoin, the Bitcoin Cash halving also occurs approximately every four years or upon reaching 210,000 blocks with a consequent reduction in mining rewards which consequently produces a slowdown in the issuance of new tokens.
In the case of BCH, in the next halving the block rewards will decrease from the current ones. 6.25 BCH to 3.125 BCH, underscoring the deflationary nature of the digital asset.
According to the OKLink Con platform, the next Bitcoin Cash halving will take place on April 5, 2024. As the event approaches, traders and enthusiasts are closely monitoring the status of the blocks. According to the latest update, there are approximately 38 days and 22 hours left until the event, leaving 5,605 blocks left.
By reducing the token issuance rate and inducing scarcity in the market, the halving highlights Bitcoin Cash’s commitment to creating a healthy policy for the token, aimed at preserving its value.
While waiting for the Bitcoin Cash halving, traders are also betting on Bitcoin Minetrix, a pre-sale project based on Bitcoin cloud mining that could explode at launch.
Bitcoin Minetrix
Cryptocurrency mining is notoriously unaffordable for most people. That is why it is managed by large companies and the so-called “mining farm” capable of establishing powerful computers for mining (mining platform) and accessing low-cost energy sources.
Hashrate is the computing power needed to solve the complex mathematical problem that leads to block validation on the Bitcoin blockchain. The first miner to solve the problem and validate the block is rewarded in BTC. However, cloud mining services may present binding contracts for users, which is inconvenient given the volatile nature of cryptocurrencies.
Additionally, these services often use third parties to distribute rewards, a factor that increases the risk of scams. Bitcoin Minetrix wants to solve these problems by creating a cloud mining platform based on native BTCMTX tokens.
Users will be able to freely decide how much to invest in cloud mining, without having to sign binding contracts. Additionally, Bitcoin Minetrix will grant full ownership of the BTCMTX token to users. avoiding the involvement of third parties.
Until launch, expected this year, tokens purchased in pre-sale via ETH, USDT or credit card will be automatically staked to guarantee passive rewards in BTCMTX based on APY.
Before deciding on using Bitcoin Minetrix, users are advised to conduct their own research, as well as to analyze the pros and cons.
By Leonardo Perez
