In the buildup to its halving event, Bitcoin Cash witnessed a surge in speculation, with its price skyrocketing by 147.85% over the past three months. Despite a brief downturn just before the event, the cryptocurrency quickly regained its footing.

On Wednesday, Bitcoin Cash encountered a stumble following a triumphant three-month rally, only to swiftly recover shortly after as the blockchain successfully completed its much-anticipated halving. This event, characterized by a halving of mining rewards, marks a significant milestone in the cryptocurrency's journey.

Bitcoin Cash, operating on a proof-of-work blockchain network, was conceived as a faster and more cost-effective alternative to Bitcoin. Its inaugural halving event occurred on April 8, 2020, resulting in a reduction of miner rewards from 12.5 BCH to 6.25 BCH.

Leading up to the halving, Bitcoin Cash experienced a surge in value, boasting a remarkable 147.85% increase over the past three months and a noteworthy 24% surge over the last 30 days.

However, in the final hours preceding the halving, the price of Bitcoin Cash witnessed a slight downturn, dipping by 9.94% to $572.21, according to CoinMarketCap data. Nevertheless, post-halving, the cryptocurrency swiftly rebounded, soaring to $604, marking a spike of approximately 5.5%.

The recent price volatility triggered liquidations amounting to $3.9 million, predominantly impacting long positions at $3.3 million, while short positions accounted for $569,540, as reported by CoinGlass.

On March 29, Cointelegraph highlighted that open interest (OI) in Bitcoin Cash futures perpetual contracts had surged to all-time highs of $708.75 million. Since then, this figure has continued its upward trajectory, reaching an impressive $799.23 million at the time of publication.

Meanwhile, "DavidShares," a prominent figure in the cryptocurrency community, informed his 17,500 followers that many miners had already shifted their focus to mining Bitcoin ahead of the halving. Additionally, he noted a decline in hash rates since the halving, with the network having validated 840,004 blocks thus far, indicating only four blocks validated since the halving event, as per Bitcoin Unlimited data.

Bitcoin Cash's journey has been marked by significant milestones and challenges. In 2017, it forked off from Bitcoin amidst disagreements within the community regarding scaling and transaction fee adjustments. Just two years later, another contentious split occurred, sparking controversy within the mining community due to the failure of several miners to transition to the new chain, resulting in a wasteful allocation of resources.

In November 2019, Cointelegraph reported on miners expending resources to mine 14 empty blocks on the old chain, despite the majority of the Bitcoin Cash network already considering them invalid and rejected.

Looking ahead, the highly anticipated Bitcoin halving is scheduled to occur on April 20, just 16 days from now, further adding to the anticipation and excitement within the cryptocurrency community.