Bitcoin Cash Continues Climb Ahead Of Upgrade

Apr 23, 2018 at 21:42

Bitcoin Cash (BCH), the most successful Bitcoin fork, has been gaining ground since last week and has continued its climb at the start of this week’s trading.

For most of the month, BCH has been trading within the $600 to $700 range. Its lowest close for the month is at $610.43 close last April 6.

But data from CoinMarketCap showed BCH started to bounce back to the $1,000 level. On April 20, it reached high of $1,142.50 before it closed at $1,128.02 when trading volume breached the $1-billion mark. It then reached a high of $1,250.51 and closed at $1,201.22 two days after.

And as of this writing, the Bitcoin fork is trading at $1,377.30, up 18.24 percent in the past 24 hours. Volume also surged to $1.6 billion.

First created in August 1, 2017, BCH was targeted to be Bitcoin’s upgrade with a bigger block size limit of 8 MB, lower fees and faster transactions.

So, what’s driving the renewed interest in BCH?

Speculation revolves around the upcoming platform upgrade on May 15. This would be BCH’s first of planned series of protocol upgrades announced in late 2017. Another hard fork will take place in November.

“The Bitcoin Cash network will undergo a protocol upgrade on May 15th 2018. Businesses and individuals who use the Bitcoin Cash network should check to ensure that their software is compatible with the upgrade. A specification is available, and the upgrade is being tested on testnet,” it said on its website.

Bitcoin ABC developers said they have been collaborating and communicating with developers and representatives from several projects, including Bitcoin Unlimited, Bitprim, nChain, Bitcrust, ElectrumX, Parity, and Bitcoin XT.

In the upgrade, BCH’s block size limit will be increased up to 32 MB, move toward canonical transaction order such as removing transaction ordering consensus rule, improve Difficulty Adjustment Algorithm and re-activate some deactivated Opcodes.

BCH is the fourth largest digital currency in terms of market cap. It is now available in 276 exchanges