The open interest and price of Bitcoin Cash have experienced a significant decrease since its halving, erasing any short-term surge in excitement prior to the April 4th event.
According to CoinGlass’s data, the open interest for Bitcoin Cash was $378.3 million as of April 12. This represents a significant decrease of approximately 47% compared to its previous high of $708.5 million prior to the BCH halving event.
Based on information from CoinMarketCap, approximately 7.51% of its price decrease occurred on April 10. After several days of minimal price changes between $676 and $691, there was a significant drop.
The price of Bitcoin Cash (BCH) fell by 13% in sync with the decrease in open interest, as indicated by CoinMarketCap. Most of its price decrease occurred on April 10, marked by a sudden decline of 7.51% within a three-day span after a prolonged period of minimal price changes between $676 and $691.
In the seven days after its first halving in 2000, the market dynamics took a drastic turn. Back then, the Open Interest (OI) rose by 10%, amounting to $73.86 million. On the other hand, Bitcoin Cash experienced a more modest growth of 4.7%.
Approximately three years ago, Bitcoin Cash emerged as a alternative cryptocurrency with debates arising over its purpose due to its more affordable transaction fees and less demanding energy needs when compared to the original Bitcoin in validating new blocks.
In a post on March 18, Adam Back, CEO of Blockstream, called on Bitcoin pioneer Roger Ver to rejoin the Bitcoin community, which he had left several years prior to join Bitcoin Cash.
Roger Ver, also called “Bitcoin Jesus,” strongly supports Bitcoin Cash due to its closer alignment with Satoshi Nakamoto’s initial plan for Bitcoin.
Several individuals are actively investing in Bitcoin, optimistic that its value will rise in the coming days due to the upcoming halving event.
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2024-04-12 15:53