According to data provided by BTC.com, Bitcoin Cash, the largest fork of Bitcoin, completed its halving earlier this Thursday.
The controversial fork, launched in August 2017, increased the block size to 32 megabytes, which was supposed to make it more efficient for payments.
The Bitcoin Cash fork saw early success, with its price peaking at $3,324 in late December 2017.
However, the hype around the fork quickly faded due to low adoption and infighting.
Currently, Bitcoin Cash ranks 14th in terms of market capitalization, currently valued at $12.5 billion.
Despite a significant price rise, the Bitcoin fork is still down over 83% from its current all-time high reached over six years ago. For comparison, Bitcoin is currently trading slightly above the $66,000 level after peaking at $73,737 on March 14.
Roger Ver, the most famous defender of Bitcoin Cash, has largely been forgotten. However, he did not abandon his cause. He recently co-authored a new book titled “Hijacking Bitcoin,” which aims to dismantle the main narratives surrounding cryptocurrency.
The main event
Meanwhile, the Bitcoin halving is expected to take place in just 16 days. The block subsidy will be reduced to just 3,125 BTC, putting more pressure on miners.
As reported by U.TodayHunter Horsley, CEO of Bitwise, recently predicted that this would be the most impactful Bitcoin halving event to date, due to the significant reduction in supply in dollar terms.
Some analysts have predicted that the price of Bitcoin could potentially test the $80,000 level before the next halving event.