Bitcoin Cash Price Hits 3-Year Peak
Bitcoin Cash (BCH) price surged to a 3-year peak above $600 on March 31, marking an 84% increase in the last 10-days.The price breakout is attributed to new entrants looking to counter the deflationary impact of the upcoming BCH Halving event.
BCH is a peer-2-peer cryptocurrency platform built in 2014 and uses a Proof of Work consensus mechanism.The next BCH halving is scheduled for April 4, 2024, and strategic investors have been positioning their trades accordingly.
Between February 4 and March 31, Bitcoin Cash price surged 172%, signaling that crypto investors are placing bullish bets on BCH.
The Bitcoin Cash network has welcomed an unusually high number of new users in the last two weeks, with the number of funded wallets skyrocketing from 25.88 million to 26.11 million unique addresses holding BCH.
This spike in funded wallets indicates an increase in users and fresh capital flowing into the ecosystem. With the halving now five days away, this trend could persist, possibly driving the price further above $600 before April 4.
(With inputs from Shikha Singh)
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