Bitcoin Cash Shoots 28 percent to Re-Enter Top-Ten Spot, Network Upgrades Drive Optimism
May 6th, 2021
The veteran cryptocurrencies are back to maintaining their legacy! Bitcoin’s first off-shoot Bitcoin Cash (BCH) has surged 28% in the last 24-hours making its entry back in the top-ten crypto list. As of press time, Bitcoin Cash (BCH) is trading at a price of $1350 with a market cap of $25.2 billion becoming the ninth-largest crypto leaving behind Litecoin (LTC).
Although BCH has been a bit late to join the current altcoin party, it has shot up 55% over the last week. A majority of these gains, however, come just in the last three days. Moreover, BCH’s year-to-date gains have been quite solid at 285% as of press time. As we can see in the below chart, the BCH price has surged all the way from $350 on Jan 1, 2021, to the new 2021-high above $1350 today.
It looks like the recent BCH price rally has been driven by optimism around the upcoming network upgrade on May 15. The network upgrade will focus on changes like improving the consensus algorithm as well as usability.
Bitcoin Cash Network Upgrade
Below are some of the key changes that the BCH Network Upgrade will bring.
- The Bitcoin Cash network upgrade changes focus on improving the user and merchant experience on using BCH for online payments or in-store payments.
- It also includes removing some unconfirmed transaction limits and allowing 50 such transactions at a time. It will also enable multiple OP_RETURNS.
- The network upgrade will involve implementing the double-spend proofs. The double-spend implementation will improve overall security to deal with high-volume high-value transactions.
- Another important upgrade feature is increasing mining blocks with a default size limit of 8MB.
- The next Bitcoin Cash Network Upgrade aims to solve the issues with centralization and transparency by introducing the concept of CHIPs aka Cash Improvement Protocols. these are standardized proposals that will modify certain aspects of BCH. These CHIPs will work as full node client programmers aiming to find consensus and reject any significant modification.