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/ latest / 2019/04 / bitcoin-cash-is-near-150-last-30-days-overtaking-other-cryptos /
The price of Bitcoin Cash (BCH), a cryptocurrency created in August 2017 through a fork in the Bitcoin network, saw its price rise nearly 150% this week, a performance that surpbades the gains of nearly 30% Bitcoin.
According to CryptoCompare data, BCH was trading at just under $ 150 earlier this month, but has since surged to $ 321.4 at the time of going to press. In the last 24 hours, cryptocurrency has increased by 9% and its price has increased by 149.5% in the last 30 days.
Analysts have mentioned various factors to explain what underlies the price performance of cryptocurrency. Although we do not know exactly what is behind the rise, various factors have contributed to this.
Recently, bitcoin reached its highest level in five months thanks to a mysterious purchase order of 20,000 BTC. The order helped the rest of the cryptocurrency market to grow, including BCH. Some pointed out that Japan had more BCH accepting physical stores than BTC, the recovery of BTC in favor of the growth of BCH could be more important.
Bitcoin fees have since begun to increase and, at the time of writing, most cost estimating websites indicate a $ 2 transaction fee to be included in the next block. Charges on the Bitcoin Cash network are currently lower. The data suggests that bitcoin users are paying too much transaction fees, which could mean that BCH's demand has increased relative to BTC's fees.
Last September, BCH underwent a stress test that allowed its miners to process more than 2 million transactions in one day, without seeing their transaction costs increase.
Median transaction fees, April 3, 2019:
BTC: $ 1,045
BCH: 0.0008 USD pic.twitter.com/bT1nDUmpAG– Bitcoin (@Bitcoin) April 4, 2019
The increase in cryptocurrency could also affect adoption and other developments. The BCH community has launched a service that allows users to anonymize their transactions, called CashShuffle, and that should soon implement Schnorr Signatures and SegWit recovery in its May range.
Schnorr Signatures will essentially help optimize the cryptocurrency blockchain by improving its capacity, while SegWit recovery will allow BCH users to recover funds mistakenly sent to SegWit addresses.
Bitcoin Cash has also recently launched an "inexpensive and powerful" tokenization system, the Simple Ledger protocol. It essentially allows users to launch tokens on the BCH network, like the one in which tokens are thrown on the Ethereum network.
As indicated by the controversial account of Bitcoin on Twitter, websites such as Lazyfox and Taskopus have been created, allowing users to earn BCH for performing tasks or paying others. people for small tasks. These add a demand for cryptocurrency.
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