Bitcoin Cash recently saw a significant increase, shooting up more than 10% after the network completed its halving process. This digital currency has been steadily climbing since the beginning of the year, experiencing a remarkable 23% jump in the past week and an impressive 43% rise over the last month, as reported by CryptoSlate. At the time of reporting, BCH was valued at $673, marking its highest price peak since May 2021.

Industry analysts attribute the spike in BCH's value to a range of factors, including the recent halving event and the current optimistic mood prevailing in the market. Bitcoin Cash, known as a proof-of-work blockchain network that split from Bitcoin in 2017, was created to enable faster and more cost-effective transactions, yet its adoption within the crypto community has been somewhat limited.

The initial halving of BCH occurred in April 2020, cutting miner rewards from 12.5 BCH to 6.25 BCH. The most recent halving took place at block height 840,000, further reducing miner rewards to 3.125 coins per block. Ludovic Lars, a supporter of Bitcoin Cash, shared, “The halving of Bitcoincash finally took place last night at 10:45 p.m. UTC (12:45 a.m. CEST). The block subsidy increased from 6.25 to 3.125 BCH. The network, however, experienced a big slowdown: blocks 839,990 and 839,991 were mined almost 4 hours apart.”

Following the halving event, data from Bitcoin Unlimited shows that the network has validated 840,017 blocks, with approximately 17 blocks confirmed since the halving. Additionally, data from OKLink indicates that BCH's network mining difficulty has surged to its highest point since 2019, standing at 761,589.2. Meanwhile, miner rewards have decreased from an average of 0.0003 at the beginning of the year to 0.00017 at present.

Several market experts suggest that the halving of BCH could be a precursor to the impending Bitcoin halving. Bitcoin is slated to undergo its fourth halving on April 20, where miner block rewards will be halved from 6.25 BTC to 3.125 BTC. Prominent figures in the industry, such as Grayscale from asset management and Asher Genoot, the CEO of Hut 8 Mining, emphasize that this forthcoming event will have a significant impact on the broader cryptocurrency scene.