Bitcoin’s Surge Towards $100K-mark Fuels Bitcoin Cash Rally
By Vishakha Thakur
As Bitcoin nears the historic $100,000 mark, a significant movement has been observed in its hard forks, especially Bitcoin Cash. In the past week, Bitcoin Cash surged over 18%, climbing to $518 with an impressive $1.18 bn in trading volume. Let’s look at why Bitcoin Cash is experiencing impressive growth with a staggering 159.81% increase in trading volume.
Well, when Bitcoin split into its different versions, it created new cryptocurrencies called forks like Bitcoin Cash, Bitcoin SV, and Bitcoin Gold, that mainly aimed to solve Bitcoin’s challenges, like high fees and slow transaction speeds.
Interestingly, Bitcoin’s price jump has driven the price of its other hard forks like Bitcoin SV and Bitcoin Gold, too. In the past week, BSV is up over 11%, and BTG has risen 15% as more investors look for alternatives to Bitcoin’s high fees and slower speeds. While Bitcoin remains the leader, these forks are now taking centre stage, particularly Bitcoin Cash.
In the past 7 days, Bitcoin Cash soared 18.6% and hit $518.52. This spike has driven its market capitalization past $9 billion with a staggering 159.81% increase in trading volume, now reaching $1.18 billion.
The increase in value of Bitcoin Cash is tied directly to the broader Bitcoin rally which is nearing $100,000 but Bitcoin’s high transaction fees and slow speed make it less efficient for everyday use. However, Bitcoin Cash solves this with a 32MB block size supporting 200 transactions per second, compared to Bitcoin’s 3-7 transactions per second.
Clearly, Bitcoin Cash is a strong contender for those seeking to capitalise on Bitcoin’s bull run without the congestion.
You need to login in order to Like
