Bitcoin Cash climbed today, nearing $1,000 as traders purchased the digital currency in anticipation of next month’s hard fork.
The alternative protocol asset (altcoin) rose to as much as $983.58 today, CoinMarketCap figures revealed.
At this point, Bitcoin Cash was up roughly 11.3% over the last 24 hours, additional CoinMarketCap data showed.
Further, the cryptocurrency had risen more than 60% from the recent low of $603.71 it reached on April 6.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
A Major Challenge
As digital currencies experience rising adoption, scaling remains one of the biggest challenges to their success, noted analyst Sebastião Coelho.
“Before we see mass adoption of cryptocurrencies, we need to see a significant reduction in the time it takes to process transactions,” said Coelho, CMO of Flashmoni, a blockchain company creating financial solutions for the unbanked and underbanked.
Bitcoin Cash was created with these considerations in mind, using 8MB blocks instead of the 1MB blocks used by the more traditional Bitcoin.
The upcoming hard fork, scheduled for May 15, will give Bitcoin Cash 32MB blocks, expanding its capacity for processing transactions.
Further, the network upgrade will add or reactivate several operation codes, noted James Song, founder and CEO of blockchain startup ExsulCoin.
“This means simplified smart contracts will be possible on the bitcoin cash blockchain,” he stated.
“This particular bit of news is what is driving market excitement around bitcoin cash.”
As traders look toward this upcoming hard fork, Bitcoin Cash is benefiting from rising “interest and volumes,” stated Oliver Isaacs, blockchain investor, advisor and influencer.
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.
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