The week has been consistently good for all the cryptocurrencies with Bitcoin [BTC] breaching the $9000 mark after a long time followed by Ethereum [ETH] which crossed $600. But the real winner of the week amongst the top coins turned out to be Bitcoin Cash [BCH].
According to CoinMarketCap, Bitcoin Cash [BCH] at press time was trading at $1250 with a market cap of $21 billion. The coin has seen more than 59% hike in the past 7 days and more than 9% hike in the past 24 hours.
Bitcoin Cash breaches $1250
Many market speculators believe that the reason behind the sudden rise of Bitcoin Cash [BCH] is because of the hard fork which is due on May 15th. The announcement of Bitcoin Cash [BCH] hark fork was made in November 2017 by the ABC developers with plans of reactivating some of the Bitcoin Opcodes which was deactivated earlier. In addition, the team has declared that they will be upgrading the block size to 32 MB.
Following the announcement of the hark fork date, Bitcoin Cash [BCH] trading rose from $757 on 18th April to $1229 today. There are speculations that the coin will continue to be green for a long time. Some people even believe that Bitcoin Cash has already begun to take over Bitcoin [BTC] in the crypto-space.
Eli Afram, the Head of Bitcoin Cash Australia says:
“People are waking up. Bitcoin Cash follows the original implementation designed by Satoshi to become global programmable money.”
ReformedShortTrader, a Twitterati says:
“Bitcoin Cash is achieving all what it was meant to be as the original BTC. When I read about BTC I was excited about all the possible use cases. But those use cases did not come to fruition due 2 the block size limit. That is going to change come May 15! Bitcoin Cash is BTC!”
Mark Lamb, the Co-Founder of Coinfloor says:
“‘ve been investing in and using Bitcoin Cash since 2012. The changes happening in the May Hard Fork bring back the original spirit of Open Source money I fell in love with. 32MB blocks and OP codes show the ability to think freely and innovate. Excited for the future.”
But many analysts also have been warning the community against the dump that could possibly take place on May 15th once the fork is done. They believe before the fork on May 15th, BCH could breach $2000 again before dropping back down to $1200.
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