According to Blockworks, Bitcoin Cash (BCH) underwent its halving event recently, reducing block rewards to 3.125 BCH. This is only the second such event for the forked network, with the last halving occurring in early April 2020 when block rewards fell to 6.25 BCH. Following the halving, BCH saw a price surge to levels not witnessed since 2021, reaching a high of approximately $700 before settling around $660. This represents a 10% increase over the past week.
However, the current price action is still significantly lower than its all-time highs in 2017, when it traded over $9,500. Bitcoin Cash, a proof-of-work blockchain, was created as a cheaper and faster alternative to the original Bitcoin chain, from which it forked in 2017. Despite its lower market cap of around $13 billion, compared to Bitcoin's $1.3 trillion, the price of BCH has been gradually increasing, shadowing Bitcoin's gains.
In other news, since the approval of spot Bitcoin ETFs in January, Bitcoin has been steadily climbing and setting new all-time highs, currently trading at around $67,000. Bitcoin's halving is set to occur on or around April 20 at block 840,000, an event that takes place every 210,000 blocks.