Bitcoin Cash (BCH) Price Surges 17%, Open Interest Hits $500 Million Before Halving

Bitcoin Cash (BCH), the first hardforked version of the Bitcoin blockchain, has recently been on investors’ radar gaining 17% in the last 24 hours. As of press time, the Bitcoin Cash price is up 15.53% trading at $562 with a market cap of $11.07 billion. Also, the daily trading volume has surged by a staggering 152% currently at $1.76 billion.

Bitcoin Cash (BCH) Price Eyes New Moves

A lot of momentum has been recently building around Bitcoin Cash over the past month, as we approach the network’s halving event next week on April 4. On the monthly chart, the BCH price is already trading up by a staggering 85% helping the altcoin occupy a spot in the top-fifteen altcoin list.

In anticipation of the upcoming halving event on April 4, Bitcoin Cash (BCH) surged by 17%. Presently, the block reward stands at 6.25 BCH, but following the impending halving, it will decrease to 3.125 BCH.

Halving events occur when the mining transaction rewards are halved, diminishing the rate at which new coins are generated and consequently reducing the available supply. Bitcoin’s own halving event is projected for April 20, as per trackers, historically heralding a bullish trend for the cryptocurrency.

BCH Derivatives Demand Shoots

Moreover, open interest in BCH-tracked futures surged by more than double to $500 million on Thursday, compared to $213 million the previous week. This surge indicates a rise in leveraged bets, reflecting expectations of heightened price volatility.

Last week, crypto exchange Coinbase announced that it will introduce the first leveraged contracts for Bitcoin Cash. This has further boosted derivatives trading for this altcoin.

Analysts are expecting the BCH price to rally to $600 all the way to April 01. Bitcoin Cash (BCH) has exhibited notable volatility in recent times, with its 1-month volatility measuring at 11.82. Over the past 30 days, Bitcoin Cash has seen 19 days of positive price movements.

The BCH price has also gained 30% in the last week with some market analysts already giving bullish calls all the way up to $2,000.