Cryptocurrency Market Update: Bitcoin Cash rallies ahead of halving, Bitcoin stable above $7,200, ETH and XRP in the green – FXStreet

The cryptocurrency market is being treated to a couple of halving events this week. Bitcoin Cash and its rival sibling Bitcoin SV will both undergo a mining reward halving. Halving is an event that reduces the reward miners get per block of coins mined. Bitcoin Cash halving is its first since it hard forked from Bitcoin in 2017. It is scheduled to take place on Wednesday and will have mining rewards slashed in half from 12.5 BCH to 6.25 BCH. On the other hand, Bitcoin SV halving will take place a proximately a day after that of BCH.

BCH/USD has surged 8% on the day as investors take their positions ahead of the mining. It is exchanging hands at $274 after advancing from $252 (opening value). An intraday high has been reached at $280. However, buyers eye $300 while riding on the speculation surrounding the halving event.

Bitcoin price has made a considerable movement above $7,000 this week. The price stepped above $7,400 on Tuesday but lost steam short of $7,500. At the time of writing, BTC is trading at $7,330 following an intraday growth of 1.77%. Immediate support has been established above $7,200, further cementing the buyers position on the market as they look forward to testing the level at $8,000.

Ethereum has also been in a bullish phase this week. The price action took a positive turn on breaking above $140. The rally above $160 9 (former resistance) allowed the improved sentiments towards Ether to improve. This catapulted Ethereum to test $180 resistance. For now, the price trading at $171 after adding 3.91% to its value on the day.

Ripple price is trading 3.77% higher on the day. The price movement has been bullish from the opening value at $0.1928 to $0.2001 (market value). The step above $0.20 is key to the next rally eyeing $0.30. Therefore, it is essential that bulls find support above this level and shift their focus to $0.30.

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Cryptocurrency Market Update: Bitcoin Cash rallies ahead of halving, Bitcoin stable above $7,200, ETH and XRP in the green - FXStreet