Bitcoin Cash, also known as BCH, has seen a price surge to $574.84, marking a 9.06% rise in the past 24 hours as the second BCH halving event approaches next week. Investors are showing confidence by securing their positions ahead of the BCH halving event set for April 4th, according to data from NiceHash.

Reasons Behind the Surge in Bitcoin Cash

On March 28th, the futures market witnessed $190,140 liquidated in short positions and $211,870 in long positions. CoinGlass data revealed that open interest in Bitcoin Cash futures contracts has surged by 18.26% in 24 hours and by 165% in the last 7 days, hitting an all-time high of $708.75 million.

This level was last seen in May 2021 when the BCH price reached $1,399, the highest in five years. This is a significant increase from 2020, just before the first BCH halving event, when open positions in futures amounted to $63.29 million.

Insight into the Bitcoin Cash Halving Event

In 2020, miner rewards were halved from 12.5 BCH to 6.25 BCH. Miners are now gearing up for the upcoming halving event, as seen by the doubling of the Bitcoin Cash hash rate reported by user DavidShares on platform X to his 17,900 followers.

The hash rate is a crucial measure of the computational power utilized for mining and processing transactions on a proof-of-work blockchain network. Meanwhile, Bitcoin Cash is trading well below its all-time high of $4,355 from December 2017, as Bitcoin edges closer to its fourth halving event scheduled for April 21st, as per CoinMarketCap data.

The BCH halving event is occurring earlier than the Bitcoin halving due to Bitcoin Cash's temporary use of a different algorithm in 2017 to adjust mining difficulty, hastening block creation time. The Bitcoin halving event is anticipated to occur on April 21st.

This article was originally published on COINTURK NEWS: Bitcoin Cash Rises as Halving Event Nears