According to data provided by BTC.com, Bitcoin Cash, the biggest Bitcoin fork, completed its halving earlier this Thursday.
The controversial fork, which was launched back in August 2017, increased the block size to 32 megabytes, which was supposed to make it more efficient for payments.
The Bitcoin Cash fork experienced early success, with its price peaking at $3,324 in late December 2017.
However, the hype surrounding the fork quickly fizzled out due to low adoption and infighting.
As of now, Bitcoin Cash is in 14th place by market capitalization, currently benign valued at $12.5 billion.
Despite a significant price rally, the Bitcoin fork is still down more than 83% from its current all-time high that was achieved over six years ago. For comparison, Bitcoin is currently trading slightly above the $66,000 level after previously peaking at $73,737 on March 14.
Roger Ver, the most famous Bitcoin Cash advocate, has largely faded into obscurity. However, he has not given up on his cause. He recently co-authored a new book called “Hijacking Bitcoin,” which aims to dismantle the main narratives surrounding cryptocurrency.
The main event
In the meantime, the Bitcoin halving is expected to occur in just 16 days from now. The block subsidy will be reduced to just 3.125 BTC, putting more pressure on miners.
As reported by U.Today, Bitwise CEO Hunter Horsley recently predicted that this would be Bitcoin’s most impactful halving event to date due to the sheer amount of supply being reduced in dollar terms.
Some analysts have predicted that the price of Bitcoin could potentially test the $80,000 level ahead of the upcoming halving event.
