Facebook iconLinkedin iconTwitter icon
(Shutterstock)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your SeatFacebook iconLinkedin iconTwitter icon
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your Seat
The bitcoin cash (BCH) price surged nearly 10% in the past 24 hours as traders shed light on potential network changes ahead of the Bitcoin Cash protocol’s May hard fork.
BCH broke above resistance levels of $108 to as much as $125 on Friday, price charts data shows. Buying interest could fuel a movement to at least $150, where the next resistance level lies.
A hard fork refers to an upgrade in any blockchain network. Bitcoin Cash’s May hard fork is set to bring added security and privacy to the fledgling network, with plans for “CashTokens” – which would enable decentralized applications directly on Bitcoin Cash, as per developers.
Other proposed improvements already locked in include smaller transaction sizes – which help speed up transactional times – and smart contracts functionality that could allow Bitcoin Cash-based applications built that offer recurring payments, derivatives trading, and crowdfunding opportunities, among other uses, to Bitcoin Cash users.
Mechanism Capital founder Andrew Kang noted on Twitter the fundamental improvements coupled with a general bottoming of BCH’s price set the runway for a price surge in the coming weeks. “Charts look insanely bottomed and ready for impulse,” Kang tweeted.
Other fundamental factors that may strengthen bitcoin cash’s price rise include it potentially becoming legal tender in St. Kitts and Nevis, a Caribbean country, as early as March 2023. The plan is not confirmed but was said to be in the discussion stages in November last year.
DISCLOSURE
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Trending1MarketsCrypto Markets Today: Bitcoin Finishes Best Week Since March; Solana’s Bonk Barks Jan 13, 20232
Consensus MagazineThere Will Be No Lessons Learned From FTXJan 13, 20233
BusinessWeb3 Studio Sortium Raises $7.8M in Seed RoundJan 13, 20234
StaticUpcoming Events Main NavJan 13, 2023