Bitcoin Cash Leads Market Charge with 18% Surge After Halving

TL;DR

• Bitcoin Cash is the best performer amongst the top 20 cryptocurrencies by market cap, up by 8% in the last 24 hours.

• The rally comes after the Bitcoin Cash blockchain completed its halving.

BCH Rallies After Halving

BCH, the native coin of the Bitcoin Cash blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap. The coin is up by 8% in the last 24 hours, outperforming BTC and other major altcoins.

At press time, Bitcoin Cash’s price stands at $685 per coin. In the last seven days, BCH has rallied by 18%, allowing it to overtake Chainlink (LINK), Tron (TRX), and Polkadot (DOT) to occupy the 13th spot in the market.

BCH’s rally comes after the blockchain completed its halving. Halving is carried out by proof of work blockchains and involves reducing the reward for mining transactions by 50%. This reduces the rate at which new coins are created and lowers the available new supply. Bitcoin Cash’s block reward is now 3.125 BCH following this latest halving.

Bitcoin performed well on Thursday, trading in the green zone for the first time this week. BTC rallied close to the $68k mark on Thursday before retracing to now trade above $66,900 per coin.

Thanks to Bitcoin’s positive performance, the total cryptocurrency market cap is now at $2.5 trillion.