- Bitcoin Cash’s mining reward per block has been reduced to 3,125.
- Spot ETF approvals can reduce the impact of BTC halving.
In the run-up to Bitcoin [BTC] halving, which will take place in a few weeks, Bitcoin Cash [BCH] recently completed the halving process.
Leading up to BCH’s halving, there were notable price fluctuations. Could these moves indicate what we can expect with BTC’s halving?
Bitcoin Cash sees a reduction in mining fees
Based on data from Nice hashBitcoin Cash was recently halved on April 4 at a block height of 840,000. This latest halving event reduced the mining reward from 6.25 BCH to 3.125 BCH per block.
It is worth noting that the BCH halving takes place approximately every four years, with the previous one taking place in 2022 and the next one expected in 2028.
Although Bitcoin Cash has witnessed notable price fluctuations in recent weeks, it has seen a decline in recent days.
How Bitcoin Cash Developed
An analysis of Bitcoin Cash’s price trend showed a significant increase of 147.85% in the last three months and a rise of 24% in the last 30 days.
However, in the days leading up to the halving, the price experienced successive declines. Just a few hours before the halving took place, there was a drop of more than 9%.
Source: trading view
Looking at the daily trend, Bitcoin Cash closed around $593 on April 3. However, at the time of writing, the price had risen to over $666, marking a notable increase of over 12%.
The chart showed that with this recent uptrend, BCH was approaching the overbought zone on its Relative Strength Index (RSI). At the time of writing, the RSI was just below 70, showing an upward trajectory.
All eyes on Bitcoin
With Bitcoin Cash recently completing its halving, attention now turns to Bitcoin as the halving takes place in less than 16 days.
Like BCH, BTC has been on an upward price trend in recent months. However, the increase is largely due to the anticipation and eventual adoption of the spot ETF earlier this year.
During this period, BTC has reached new price highs, leading to speculation that it could reach even higher levels before the year comes to an end.
Source: trading view
At the time of writing, BTC was trading around $66,290, up less than 1%. Historically, BTC rose 5,500% in four years after the first halving in 2012.
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After the second halving, the increase was relatively lower, namely 1,250%. Bitcoin’s performance is lagging in the current halving cycle, with only an increase of 700% so far.
The impact of the spot ETF’s approval could reduce the significance of the upcoming halving on Bitcoin’s price.