Facts behind BCH Soaring

Bitcoin Cash (BCH) and Ethereum Classic (ETC) are soaring

Ethereum Classic Market Symbol

Bitcoin Cash (BCH) and Ethereum Classic (ETC) prices spiked this week as the overall mood in the crypto industry continued. BCH spiked by more than 70% on Saturday and reached its highest point since January 2022. Similarly, ETC surged to $37.45, its highest level since September 2022.

Bitcoin Cash vs Ethereum Classic

BCH vs ETC price chart

Upcoming Bitcoin Cash halving

The main reason why Bitcoin Cash price continued soaring was because of the upcoming halving, which is set to happen in the next 20 days.

Bitcoin Cash was created as a hard fork of the main Bitcoin. As such, like Litecoin, it retained the features that Bitcoin has, including halving.

Halving is a process where the amount of rewards offered to miners is reduced by half. In this case, BCH halving is set to happen on March 22nd when it reaches a block height of 840,000. The current block height stands at 835,160 while the block reward stands at 6.25 BCH. After halving, the reward will move to 3.125.

In most cases, cryptocurrencies tend to rally ahead of halving. For example, Litecoin price jumped sharply ahead of its halving event in August last year. Similarly, Bitcoin has now pumped to over $61,000 ahead of its halving event in April.

The other main reason why the BCH price is pumping is that it is often seen as a cheaper alternative to invest in BTC. It is trading at $400 while BTC has moved to over $62,000. As a result, many traders believe that buying the coin will bring better rewards than investing in Bitcoin. Besides, cryptocurrencies tend to have a close correlation with each other.

if it's informative for u than like it#TrendingTopic #Portal #WIF #sol #BCHUSD