The Bitcoin Cash hard split scheduled to take place later this year will provide the network with increased privacy and security and make it possible for decentralized applications (Dapps) to function.
Over the previous twenty-four hours, the value of Bitcoin Cash (BCH), the native crypto currency of the first branch of the Bitcoin blockchain, has skyrocketed by more than ten percent. As of when this article was published, the price of BCH was trading at $119.54 and had a market size of $2.37 billion.
This week's broader surge in the altcoin market coincided with the most recent Bitcoin Cash rally (BCH) rally. Consequently, the price of Bitcoin Cash (BCH) has increased by more than 20%, according to the weekly charts.
Because of today's market action, Bitcoin Cash has successfully broken over its resistance levels of $108. This paves the way for the alternative crypto currency to climb up to its next resistance level of $150.
People Excited About Bitcoin Cash Hard Fork
Some market traders feel that today's increase in Bitcoin Cash (BCH) occurs as enthusiasm kicks in. Potential network adjustments are anticipated with the Bitcoin Cash hard fork improvement ahead this year in May 2023.
Back in November 2022, Jason Dreyzehner, a developer working on Bitcoin Cash, published an update in which he stated that the next hard fork could potentially deliver significant modifications to the fledgling network's privacy settings and security protocols.
In addition, the developers intend to launch CashTokens, allowing decentralized apps (Daaps) to operate on the Bitcoin Cash blockchain. At this time, Bitcoin Cash contracts do not have access to any primitives that would allow them to issue messages that other contracts could confirm.
One of the other planned enhancements that would come along with the hard fork of Bitcoin Cash would be the reduction in the size of individual transactions. This would help significantly speed up the time transactions take place while also improving the functionality of smart contracts.
In turn, this would make it possible for users of Bitcoin Cash to construct applications that use Bitcoin Cash for recurring payments, crowdsourcing opportunities, and trading derivatives, in addition to other purposes.
The Price Increase in Bitcoin Cash (BCH)
Along the same lines as other alternative crypto currencies, Bitcoin Cash went through a significant price correction in 2022, which resulted in its value falling by over one-third on the yearly chart.
Andrew Kang, the founder of Mechanism Capital, said in a post that the structural improvements, along with the bottom of BCH pricing, set the runway for a higher BCH price spike in the following weeks.
This increase is expected to occur in the coming weeks. Kang stated in a tweet that the charts "look insanely bottomed and ready for impulse."
In addition to Bitcoin Cash, another alternative crypto currency known as Litecoin (LTC) will undergo a hard fork later this year.