Following the recent Bitcoin halving event, the cryptocurrency market has seen various movements, including Bitcoin Cash. Bitcoin Cash, a Proof-of-Work cryptocurrency stemming from a Bitcoin chain split, is heavily influenced by Bitcoin's price. Over the past few days, Bitcoin Cash has shown a consistent upward trajectory in its price, gaining favor within the crypto community.

The price of Bitcoin Cash recently reached a three-year high at $699.45, demonstrating a 120% surge in just one month. Presently, it is trading at $682.23, showing a 15% daily increase. The cryptocurrency holds the 13th position in market value at $13,401,198,205 after a 14% rise. The surge in Bitcoin Cash price is attributed to a rise in token transactions, with trading volume spiking by 190% in a single day to $1,487,721,200. Analysis of the Bitcoin Cash chart indicates a pattern similar to three years ago, hinting at a possible rise to $1509.11. However, this value remains 84% lower than its all-time high from nearly six and a half years ago.

The fear and greed index of the crypto market presently shows extreme greed, suggesting a better performance compared to previous days. While Bitcoin stands at $97,000, Ethereum has maintained its value around $3500. These factors, combined with recent announcements from the Commodity Futures Trading Commission (CFTC) considering certain cryptocurrencies as commodities, have likely contributed to the value increase of Bitcoin Cash.

Expectations for Bitcoin Cash remain high, especially with the anticipated support from CFTC and potential services from Coinbase aimed at enhancing security and network stability related to Bitcoin Cash derivatives. The upcoming Bitcoin Cash halving event, scheduled to occur before Bitcoin's halving, aims to reduce token supply and maintain value, similar to Bitcoin's halving every four years. As the block reward for BCH is set to decrease to 3.125 BCH after the halving from its current 6.26 BCH, an increase in BCH value is expected.

In response to these expectations, a significant number of new investors have entered the BCH market. The number of BCH holders has risen from 25.88 million to 26.11 million within a period of ten days. Bitcoin Cash will undergo its second halving since its inception in 2017, with its value already reaching $690 and potentially surpassing $700 before the event. In optimistic scenarios, the price may even surge to $1,000 or more.