Bitcoin Cash is currently being traded at $574.84, showing a 9.06% increase in the last 24 hours as the upcoming BCH halving event nears.

Traders are taking measures to secure their positions in preparation for the BCH halving on April 4, based on data from NiceHash. On March 28, short positions saw liquidations of $190,140 and long positions saw $211,870.

Bitcoin Cash futures perpetual contracts saw a significant increase in open interest (OI) reaching $708.75 million on the same day, a spike of 18.26% in a 24-hour period and 165% over the previous 7 days according to CoinGlass's data.

This surge in OI has not been seen since May 2021 when it reached $684.12 million alongside BCH's highest price of $1,399 in five years. This differs from the state of the market in 2020, where open interest stood at $63.29 before the first BCH halving event in April of that year.

Ahead of the upcoming halving, miners are increasing their efforts as the hash rate has doubled in the past week according to a post by "DavidShares" on X.

While Bitcoin is approaching its fourth halving on April 21 with record highs, Bitcoin Cash is still far from its peak of $4,355 in December 2017 as per data from CoinMarketCap.

The BCH halving takes place slightly before Bitcoin's halving due to Bitcoin Cash using a different algorithm to adjust its mining difficulty in 2017, which accelerates block creation time. The Bitcoin halving will occur on April 21.