68% Rise in Bitcoin Cash Price. Can the Upcoming Hard Fork Increase Users of BCH?

2:01 pm, Thu, 6 May 21

An impressive jump of 68% has been observed in the price of Bitcoin Cash (BCH). After a 36% surge overnight, Bitcoin Cash has made its way back into the top 10 market capitalization rankings with a combined growth of 68%. A noticeable increase in the per coin valuation of Bitcoin Cash, which went from $1,068 to $1,462 in under 24 hours, was observed earlier today.

The significance of BCH is likely to increase in the coming week as the introduction of two new tweaks is scheduled for the network on May 15th. Though the tweaks are not major, they are significant and can increase the user base of BCH.

The increase in BCH’s price is a positive sign for people who have been interested in buying or trading Bitcoin Cash. Crypto trading or investing in cryptocurrencies can be slightly challenging for inexperienced parties. However, trading or buying Bitcoin Cash can be easy and secure if the interested parties use reliable exchanges such as Binance and Kraken.

What to Know About the Upcoming Hard Fork?

It can be observed that the unconfirmed transaction chain limit of Bitcoin Cash has been removed. This has allowed the broadcast of more micro-transactions without requiring a block confirmation. On Bitcoin Cash, new blocks are mined every 10 minutes while the old unconfirmed chain limit completed 50 transactions. This enabled high-volume applications to make 50 immediate transactions without waiting for block confirmation.

However, this cap is set to be removed, as per the changes scheduled for May 15th.

The scheduled network upgrade will also allow the addition of numerous pieces of miscellaneous data in a single transaction. At the moment, the Bitcoin Cash network allows the inclusion of only one piece of miscellaneous data, such as text, images and more, in a single transaction. This will be changed after the upgrade has been introduced, which is also likely to boost the user base of BCH.

How Can the Hard Fork Boost BCH’s User Base?

According to reports, Business and app developers were waiting for such an upgrade on BCH’s network as it can significantly increase its volume usage. The anticipated upgrade will also make BCH more responsive to popular applications such as nonfungible tokens. In short, the capability of the Bitcoin Cash blockchain will expand to a great extent with the upgrade scheduled for the coming week.

What Can the Rise in BCH’s Price Indicate for the Investors?

If you are an investor in the world of cryptocurrency or if you are planning to start investing then you should keep an eye out on the market trends. The rising numbers for Bitcoin Cash suggest a beneficial next few weeks for the investors.

The market price of BCH has been rising since the start of the year, which has been recorded to be an increase of approximately 650%. It has also been recorded that between the months February to April, the daily transactions processed by Bitcoin Cash peaked at 414,000.

Keeping these numbers in mind, it is safe to say that BCH traders or investors have nothing to worry about. It may be a suitable time for beginners to start investing and ultimately consider trading with the help of secure exchanges such as Binance exchange or Kraken.