Bitcoin Cash price rises by 68% and enters the top 10 again – new hard fork soon?
Bitcoin Cash (BCH) returned to the top 10 market cap on Thursday after rising 36% overnight and posting 68% growth over the week. BCH price rebounded from $ 1,068 to $ 1,462 in less than 24 hours since May 6, adding a notable jump from weekly lows in the $ 800 area.
The revival of what used to be the mainstay of the top 10 list takes place a little over a week ahead of Bitcoin Cash’s scheduled biennial hard fork on Nov.
The removal of the unconfirmed transaction chain limit from Bitcoin Cash has been observed, allowing more microtransactions to be spread widely without waiting for block confirmations.
With Bitcoin Cash, blocks are reduced every 10 minutes and the previously unconfirmed chain limit has been limited to 50 transactions. This allows high volume applications to execute 50 transactions almost instantly before requiring a block of confirmation. This limit will be completely lifted in the upcoming hard fork.
The other big change planned for May 15th is the introduction of several “OP_RETURN” exits. Simply put, the Bitcoin Cash blockchain now allows mixed data to be inserted into a transaction, such as text, images, and other types of data. Currently, only one “OP_RETURN” output can be included in a transaction, ie an image, text, etc. The upcoming network upgrade will allow many different data to be included in a single transaction.
Both of these changes could result in greater volume usage for Bitcoin Cash, making it more suitable for current and popular applications like NFT. Companies and application developers said that they would particularly like changes to expand the capabilities of the blockchain, particularly with immutable tokens, as stated in the upgrade document.
Bitcoin Cash’s market price has been rising along with the rest of the crypto space since the beginning of the year. So there is also the total usage according to on-chain data from Bitinfocharts.
The number of daily Bitcoin Cash transactions has grown from 20,000 in December to over 150,000 at the time of writing – an increase of 650%. From February to April, Bitcoin Cash regularly processed more transactions than Bitcoin (BTC) on a daily basis, hitting a high of between 414,000 and 229,000 Bitcoin on March 21.
However, the same data source shows less growth in the number of transactions originating from unique addresses, growing only 25% from 40,000 to 50,000 – only a fifth that of Bitcoin.
According to Cointelegraph