Bitcoin Cash Jumps 10% Ahead of Optimistic May Hard Fork

Prominent traders pointed out scheduled improvements as catalysts that may have contributed to the move.Read MoreCoinDesk

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Bitcoin Cash (BCH) prices surged nearly 10% in the past 24 hours as traders shed light on potential network changes ahead of the 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 prices 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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *