After a long period of stagnation, Bitcoin Cash is once again demonstrating stunning performance. In only 7 days the cryptocurrency has added over 80% to its value, now priced at $1,386. The last time Bitcoin Cash has demonstrated an upsurge of a comparable scale was back in December 2017, when one BCH coin was traded at $4,329.
Bitcoin Cash came into being in August 2017, when the original Bitcoin blockchain was split as a result of a hard fork. BCH was designed with the purpose of solving the scalability problem, making Bitcoin transactions faster and cheaper. Vitalik Buterin — along with a number of his colleagues — has expressed his admiration for the project.
Several major reasons are believed to be behind the most recent rise. The cryptocurrency is supported by a long list of blockchain-related companies and exchanges. It can, therefore, boast a well-developed infrastructure. Thousands of merchants all over the world, including Microsoft, support Bitcoin Cash. The number of individual supporters is also growing daily. Transactions in Bitcoin Cash cost less than in most blockchain networks. When compared to that of the original Bitcoin, the transaction cost for BCH is 70 times less. Certain members of the crypto community believe that Bitcoin Cash is closer to the original vision of Satoshi Nakamoto, stated in his Bitcoin whitepaper.
All of the above contributes to the ever-increasing popularity of BCH and creates lucrative investment opportunities, thus pushing the price higher. It comes as no surprise that BCH is growing faster than the cryptocurrency market in general. The asset is still closely correlated to the cryptocurrency industry as a whole. Should the market go down, it will most likely drag Bitcoin Cash with it. However, till all major cryptocurrencies are growing, BCH is also expected to go up.
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