While Bitcoin Cash prepares for a future blockchain update, the token has skyrocketed in value by over 70% in a week. And if on April 29 the token was traded at $879 on Binance, then at the time of this writing, its value broke through the mark of $1,533.
Bitcoin Cash has decided to catch up, once again breaking into the top ten by market capitalization right after an explosive overnight rally of nearly 40%. At the same time, the cost of one token jumped from $1,067 to $1,463 in less than a day.
The increase came on the eve of the planned biennial hard fork on the network, which will take place on May 15. As a result, several minor updates will be added to the blockchain. For example, the update will remove the limit of unconfirmed transactions and enable several OP_RETURNS at once. This will allow network members to perform more than 50 related unconfirmed transactions at a time. Gambling crypto projects and fast transaction applications that rely on BCH as a means of payment have especially been waiting for the integration of this function. Also in the update, a double-spending proof will be implemented and CHIPs (Cash Improvement Proposals) will begin to operate.
On average, more than 150,000 transactions are made on the Bitcoin Cash blockchain every day. Despite the fact that back in December there were about 20,000 of them. From the end of this winter until April, BCH processed even more transactions than its ancestor BTC, peaking on March 21 in more than 414,000 transactions against the background of 229,000 for Bitcoin. At the same time, the number of transactions from unique addresses increased by 25% from 40 to 50,000, which is already less impressive.
We hope that the “altcoin season” will continue to successfully reflect on Bitcoin Cash, bringing its holders even higher prices on Binance.