Bitcoin Cash (BCH) recently experienced a remarkable surge, registering more than 100% increase. As one of the leading digital currencies, Bitcoin Cash has often been compared to its predecessor, Bitcoin (BTC), but it has also carved its own path in the ever-evolving crypto landscape.
BCH, a cryptocurrency born out of a hard fork from Bitcoin in August 2017, shares the same underlying technology as its predecessor but aims to address some of the scalability issues that Bitcoin faced.
With its larger block size and faster transaction times, Bitcoin Cash aimed to become a more efficient and accessible form of digital currency. However, it has faced its fair share of scrutiny and volatility over the years.
Now, with its recent meteoric rise, the question on everyone’s mind is: What factors are driving this surge in Bitcoin Cash’s price, and what does it mean for the future of this digital asset?
Bitcoin Cash Emerges As Top Performer
Bitcoin Cash BCH has exhibited an exceptional performance, positioning itself as one of the leading performers over both short and long timeframes. Over the past seven days, BCH has shown an impressive surge, soaring by a remarkable 106.3%.
Source: Coingecko
Even in the past 24 hours, it remains a top contender with a gain of 2.8%, defying the prevailing sentiment of stagnation observed in recent days. The current trading price for BCH, according to CoinGecko, stands at $226.69, further solidifying its upward trajectory.
Meanwhile, Bitcoin, the flagship cryptocurrency, experienced a significant breakthrough by surpassing the $30,000 mark with remarkable momentum, briefly breaching the $31,000 threshold before the start of the weekend.
BCH market cap currently at $4.5 billion. Chart: TradingView.com
However, the bullish momentum was unable to sustain itself, leading to a resurgence of selling pressure and subsequently pushing the price back towards the $30,000 level. At the time of writing, the primary cryptocurrency is trading around $30,444, reflecting a meager setback in its upward trajectory.
Factors Driving BCH Price Surge
Recent developments have shed light on the factors driving the impressive surge in the price of Bitcoin Cash (BCH). According to a new BCH price report, the launch of EDX Markets, a cryptocurrency exchange backed by industry giants Citadel Securities, Charles Schwab Corp., and Fidelity Digital Assets, has significantly benefited BCH.
EDX Markets will offer trading services for various cryptocurrencies, including Bitcoin Cash, providing increased accessibility and liquidity for BCH investors.
Bitcoin Cash price trajectory in the last seven days. Source: CoinMarketCap
Furthermore, another significant catalyst for the surge of the crypto’s price can be attributed to its recent game-changing upgrade. In May, Bitcoin Cash underwent a network hard fork that not only enhanced the network’s security and privacy measures but also introduced plans for CashTokens.
This innovative feature holds immense potential for building decentralized applications (dApps) on the Bitcoin Cash blockchain, opening up new possibilities and driving increased adoption.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Wit Olszewski/Shutterstock
