Anticipation of Bitcoin Cash Hard Fork Lifts Price Back Near $1000
Bitcoin Cash is already seeing a price bump as the next hard fork approaches in less than a month. Faster transactions and new operation codes coming.
Hard Fork will Make Bitcoin Cash Faster
As the granddaddy of all cryptocurrency Bitcoin was a revolutionary idea built on groundbreaking technology, devised by an unknown, or group of unknown geniuses. But as all things pass even the shine on Bitcoin wore off as it became a medium for investment and crypto traders found it’s transaction speeds too slow and costly.
This lead to a series of hard forks off the Bitcoin blockchain resulting in tokens like Bitcoin Gold, Bitcoin Atom, Bitcoin Private et al. Of which Bitcoin Cash is by far and away the most successful.
Bitcoin Cash is the result of a hard fork that occurred in August 2017 which has met investors expectations even through the market difficulties of this year as it came back near $1000 yesterday with the next hard fork looming less than a month away
Bitcoin cash was created to meet the demands of cryptocurrency traders which meant increasing transaction speeds. Thus the block size was increased from 1 to 8 MB bringing transaction speeds down from days to minutes. Bigger blocksize will be the major upgrade in the May 15 fork as it is increased again to 32MB.
The upcoming fork will also add or reactivate several operation codes, this according to James Song, founder, and CEO of blockchain startup ExsulCoin, will allow simple smart contracts to be enacted on Bitcoin Cash. Song was quoted in Forbes as saying
“This particular bit of news is what is driving market excitement around bitcoin cash.”
Bitcoin Cash saw gains of over 9% in the past 24 hours and has risen more than 60% since it bottomed out on April 6 at a low of 603.71 according to coinmarketcap.
Hard Fork Should Push Bitcoin Cash Value up
Bitcoin generally acts as the bellwether for the cryptocurrency market which follows its highs and lows but when Bitcoin Cash was created few knew what the value of it would be. It gained almost instant value due to some artificial factors due to difficulties in trading for those holding it in online wallets, fluctuated through the autumn and then followed in the wake of its namesake’s meteoric ride when it peaked at $4,322 on December 21.
It has crashed since then as all cryptocurrency has in the market correction of 2018 but still has proven to be resilient as many see it as a versatile alternative to Bitcoin that can be used to store wealth and as a functioning currency. Bitcoin cash proved that improving liquidity and accessibility of a stalworth token is effective so as the next hard fork approaches the expectation is to see it’s value to continue to rise.