Bitcoin Cash (BCH) remarkably resurges on Easter Eve and is back to the top 15 most valuable cryptocurrencies by capitalization. BCH has added nearly $3 billion to its market cap in a week and doubled its price in a month.
The old-guard cryptocurrency has made an impressive comeback and reconquered the 14th rank in the CoinMarketCap index this Eater’s week. Now, Bitcoin Cash sits between Polkadot (DOT), in the 13th, and Chainlink (LINK) in the 15th position.
Notably, BCH has seen gains of nearly 30% and 95% in the last 7- and 30-day period, respectively. As of writing, Bitcoin Cash trades at $602.76 and has a $11.86 billion market cap.
Bitcoin Cash at the 14th position by market capitalization on March 30, 2024. Source: CoinMarketCap
BCH price analysis: Why is Bitcoin Cash pumping?
As usual, multiple factors are in play for BCH’s weekly and monthly pumps. From community developments, news, technical analysis, and economic fundamentals, here is the context of March’s surge.
Bitcoin Cash resurgence amid new book launch
Interestingly, Bitcoin Cash’s Easter resurgence happened following the “Hijacking Bitcoin: The Hidden History of BTC” book launch. Steve Patterson wrote this documentary piece in collaboration with the Bitcoin legend, Roger Ver, also known as the “Bitcoin Jesus.”
In particular, Roger Ver recently appeared in an interview with Vlad Costa on the Bitcoin Takeover podcast. As reported by Finbold, the legendary Bitcoin early adopter and investor doubled down on his support of BCH.
Moreover, Ver talked about “disgusting tactics” used by Bitcoin (BTC) supporters during the block-size wars in 2017. A history that he tells in the new book and believes is of huge importance for cryptocurrency investors who did not live in these controversial times.
Bitcoin SV (BSV) supporters migrating to BCH
From another perspective, a British judge has ruled that Craig Wright is not the creator of Bitcoin, Satoshi Nakamoto. Wright is one of the creators of Bitcoin SV (BSV), or Bitcoin Satoshi Vision. For years, the developer gathered support from community members who believed in his, now-proven, lie.
As developed, some old BSV supporters turned their attention, and capital, to Bitcoin Cash following the judgment. This could have helped boost the BCH price surge, increasing the capital flow to Bitcoin’s historical nemesis.
Bitcoin Cash halving in early April
Like Bitcoin, Bitcoin Cash’s block subsidy also halves every 210,000 blocks or approximately every four years. Also, BCH’s next halving will happen in the block height of 840,000, expected to happen on April 4.
Bitcoin Cash halving countdown. Source: NiceHash
This event has relevant economic effects, considering the supply emission will diminish by half, lowering miners’ potential sell-offs. In this context, the halving event historically had a positive impact on cryptocurrency prices.
In summary, Bitcoin Cash is again in the spotlight following positive expectations on its halving, a BSV migration after Craig Wrights’s judgment, and the launch of a new book telling block-size war stories, by Roger Ver.
More factors could have been in play to fuel the BCH price surge, and the market now wonders what is next for the, now, top 14 most valuable cryptocurrency.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
