Bitcoin Cash (BCH) has recently seen a remarkable surge, with its price increasing over 100%. As one of the leading digital currencies, BCH has been compared to Bitcoin (BTC) and has also established its own place in the crypto landscape.
BCH was born out of a hard fork from Bitcoin in August 2017 and shares the same underlying technology. It has a larger block size and faster transaction times, making it a more efficient and accessible digital currency. Despite this, it has faced its own volatility and scrutiny.
The question now is: What is driving this surge in BCH’s price, and what does this mean for the future of the asset?
Bitcoin Cash Emerges As Top Performer
Bitcoin Cash has demonstrated strong performance, ranking as one of the top performers in the short- and long-term. Over the past seven days, BCH has gained an impressive 106.3%. Even in the past 24 hours, it remains a top contender with a gain of 2.8%, defying the stagnation of the market. According to CoinGecko, the current trading price for BCH is $226.69.
Bitcoin, the flagship cryptocurrency, also had a breakthrough by surpassing the $30,000 mark, reaching around $31,000 before the start of the weekend. However, the buying pressure was not sustained and the price dropped back to around $30,000. At the time of writing, the primary cryptocurrency is trading around $30,444.
Factors Driving BCH Price Surge
Recent developments have highlighted the factors driving the surge in BCH’s price. According to a new BCH price report, the launch of EDX Markets, a cryptocurrency exchange backed by industry giants Citadel Securities, Charles Schwab Corp., and Fidelity Digital Assets, has been beneficial to BCH. EDX Markets will offer trading services for various cryptocurrencies, including Bitcoin Cash, providing increased liquidity and accessibility for BCH investors.
Another significant factor for the surge is the recent game-changing upgrade of BCH. In May, Bitcoin Cash underwent a network hard fork, improving its security and privacy as well as introducing plans for CashTokens. This feature has great potential for building dApps on the Bitcoin Cash blockchain, creating more opportunities for adoption.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Wit Olszewski/Shutterstock.
