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Bitcoin Cash (BCH) Up 17%, Open Interest Hits $500M Pre-Halving

Bitcoin Cash (BCH) Up 17%, Open Interest Hits $500M Pre-Halving

The block rewards for Bitcoin Cash will drop from 6.25 BCH to 3.125 BCH due to the halving. 

In one week, the open interest in Bitcoin Cash doubled. 

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BCH investors should proceed cautiously since the ‘Fear and Greed Index’ indicates excessive greed. 

The first hard forked version of the Bitcoin blockchain, known as Bitcoin Cash (BCH), has gained 17% in the past day and is currently attracting the attention of investors. With a market valuation of $11.07 billion, the price of Bitcoin Cash is up 15.53% as of publication, trading at $562. The daily trade volume has also increased to $1.76 billion, a startling 152% increase. 

The price of Bitcoin Cash (BCH) is looking ahead. 

Over the past month, there has been much momentum surrounding Bitcoin Cash as the network prepares for its halving event on April 4 next week. The price of BCH has already increased by an astounding 85% on the monthly chart, which has helped the altcoin rank among the top fifteen. 

Ahead of the April 4 halving event, there was a 17% spike in the value of Bitcoin Cash (BCH). The block reward is currently 6.25 BCH, but after the upcoming halving, it will drop to 3.125 BCH. 

According to trackers, Bitcoin’s halving event, scheduled for April 20, initiates when mining transaction rewards are halved. This decreases the total quantity of new coins created, historically signaling the start of a positive trend for the cryptocurrency.

Demand for BCH Derivatives Soars 

Open interest in BCH-tracked futures increased to $500 million on Thursday, doubling from $213 million the week before. This spike suggests an increase in leveraged wagers due to anticipation of higher volatility in the market. 

The first leveraged contracts for BCH will be introduced, according to a statement by cryptocurrency exchange Coinbase last week. This has increased trading of this altcoin in derivatives even further. 

Analysts predict that the price of BCH will rise to $600 by April 1. With a 1-month volatility of 11.82, Bitcoin Cash (BCH) has shown significant fluctuations recently. There have been 19 positive price changes for BCH during the last 30 days. 

In the past week, the price of BCH has also increased by 30%, and some market analysts have already issued bullish calls up to $2,000.

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