Today, on March 28, 2024, amidst the overall struggle of the cryptocurrency market to gain momentum, the remarkable performance of Bitcoin Cash (BCH) has captured everyone’s attention as it surged by more than 16%. Presently, the cryptocurrency market shows a modest increase of 0.79%, with top cryptocurrencies such as Bitcoin, Ethereum, Solana, and others experiencing a slight upside momentum.
Why Bitcoin Cash (BCH) price increasing?
However, the primary reason behind the massive price surge in Bitcoin Cash (BCH) might be its upcoming halving, expected to occur on April 4, 2024. Additionally, historical data indicates that Bitcoin Cash’s previous halving events have led to price surges. The current block reward stands at 6.2 BCH, which will be halved to 3.125 BCH following the upcoming halving.
Currently, BCH is trading near $570, experiencing a significant price surge of over 16% in the last 24 hours. Looking at BCH’s performance over a longer period, in the last 7 days, its price has risen by over 30%. Over the past 30 days, it has experienced a price surge of over 87%, increasing from $300 to $570.
According to expert technical analysis, BCH is bullish. On the weekly timeframe, it has broken out of the major resistance zone and undergone a small consolidation between $385 and $560. Following its upcoming halving, there is a possibility that it will reach $677.7, its all-time high.
Bitcoin price performance analysis
Besides the BCH price surge, the world’s biggest cryptocurrency, Bitcoin, rallied with a modest 1.47% upside momentum, crossing the $71,000 level intraday. Some traders remain cautious about the crypto market, especially Bitcoin. According to them, if the Bitcoin price falls below the $69,000 level, there is a possibility of a more significant pullback.
Alex Kuptsikevich from FxPro recently stated, “Bitcoin has fallen back below $70K, which can be attributed to the bulls’ need to let off steam and the general decline in risk appetite in global markets.” He also added that the short-term focus for traders will be to see if Bitcoin can retest Tuesday’s intraday lows near $69.5K. A break below this level could signal a more protracted correction.
Additionally, other top cryptocurrencies, including Ethereum, Solana, Ripple, Cardano, and many others, also experienced a decent price surge of nearly 1%. Meanwhile, Internet Computer’s ICP, Stacks’s STX, and Fantom’s FTM experienced price falls of over 8%, 4%, and 3%, respectively.