Why is $BCH SURGING?!!

There are series of events set to take place this April on the BCH network , while some had already taken place.

First, Bitcoin Cash (BCH) is currently trading at $680, having jumped 15.06% over the past 24 hours as the second-ever BCH halving event is set to take place next week.

Traders appear to be heavily securing their positions in anticipation of the BCH halving, which is scheduled for April 4, according to NiceHash data.

On March 28, $190,140 was liquidated in short positions and $211,870 in long positions.

On the same day, open interest (OI) in Bitcoin Cash futures perpetual contracts reached all-time highs of $708.75 million, spiking 18.26% in 24 hours and 165% over the past 7 days, as per CoinGlass data.

The last instance nearing this level was in May 2021, with OI reaching $684.12 million, coinciding with BCH reaching its highest price in the past five years at $1,399.

The surge in Bitcoin Cash open interest indicates an uptick in leveraged bets and expectations of high price volatility before and after the halving. Analysts have predicted that the asset could rally from its current trading level of $568 to $600 by April 1 and $2,000 in the coming months as more capital flows into the ecosystem, but we're already past the $600 mark an it's not April 1st yet!

Moreover, the largest American crypto exchange, Coinbase, is looking to launch monthly cash-settled and margin futures contracts for BCH on April 1, providing an avenue for inflows into the network.

Is it still late to buy $BCH now? comment your thoughts below .....