Bitcoin Cash (BCH) Kickstarts Rally with 10% Price Gains, Ahead of May 2023 Hard Fork

2023-1-13 14:18

Coinspeaker
Bitcoin Cash (BCH) Kickstarts Rally with 10% Price Gains, Ahead of May 2023 Hard Fork

The price of Bitcoin Cash (BCH), the native crypto of the first offshoot of the Bitcoin blockchain, has shot up by more than 10% in the last 24 hours. As of press time, BCH is trading at a price of $120 with a market cap of $2.37 billion.

The latest rally in the BCH also coincides with the broader pump in the altcoin space this week. As a result, the Bitcoin Cash (BCH) price is up by more than 20% on the weekly charts. With today’s price action, Bitcoin Cash has broken above its resistance levels of $108. This sets up the altcoin to rally further up to its next resistance level of $150.

Euphoria around Bitcoin Cash Hard Fork

Some market traders believe that today’s gain in Bitcoin Cash (BCH) comes as euphoria kicks in as potential network changes are likely with the Bitcoin Cash hard fork upgrade ahead this year in May 2023.

Back in November 2022, Jason Dreyzehner, a developer for Bitcoin Cash had updated that the hard fork will potentially introduce key privacy and security changes to the fledging network.

Furthermore, the developers plan to introduce CashTokens, which would enable to run decentralized applications (Daaps) on the Bitcoin Cash blockchain. Currently, contracts on Bitcoin Cash lack primitives for issuing messages that can be verified by other contracts.

Some of the other proposed improvements that come along with Bitcoin Cash hard fork would include small transaction sizes. This would help to considerably speed up the transactional times as well as the smart contracts functionality. This, in turn, would allow the building of Bitcoin Cash-based applications for recurring payments, crowdfunding opportunities, and derivatives trading, in addition to other uses for Bitcoin Cash users.

Bitcoin Cash (BCH) Price Rally

Similar to other altcoins, Bitcoin Cash suffered a major price correction last year in 2022 with its price dropping to nearly one-third on the yearly chart. Andrew Kang, founder of Mechanism Capital wrote that the fundamental improvements coupled with the bottom of BCH prices sets the runway for a greater BCH price surge in the coming weeks. “Charts look insanely bottomed and ready for impulse,” Kang tweeted.

$BCH

– Charts look insanely bottomed and ready for impulse
– Most BCH whales (Ver, Jihan) either capitulated or inactive
– Biggest network upgrade/hardfork in years in May 2023 (more efficient smart contracts, L2 capabilities)https://t.co/sqb2gtE1tS pic.twitter.com/ESaslrDfHv

— Andrew Kang (@Rewkang) January 12, 2023

Along with Bitcoin Cash, another altcoin Litecoin (LTC) is scheduled for a hard fork ahead this year.next

Bitcoin Cash (BCH) Kickstarts Rally with 10% Price Gains, Ahead of May 2023 Hard Fork

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hard ahead fork cash bitcoin may 2023

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Пользователи переместили 1 млн Bitcoin Cash на биржи в преддверии хардфорка

За последнюю неделю держатели Bitcoin Cash (BCH) переместили на криптовалютные биржи более 1 млн монет (~$255 млн) накануне предстоящего 15 ноября хардфорка в сети. Over 1 million Bitcoin Cash has been sent to exchanges in the last seven days ahead of the hard fork on 15 November, driving the BCH price relative to BTC even lower.

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