Bitcoin Cash (BCH) re-entered the ranking of the top 10 cryptocurrency positions with the largest market capitalization this week
That new position was after a 36% rise overnight that added to a 68% growth for the week. BCH’s currency valuation rose from $ 1,068 to $ 1,462 in less than 24 hours through May 6, adding to a notable increase from its weekly low in the $ 800 range.
The resurgence of what was once a mainstay of the top 10 lineup comes just a week before the biannual fork of Bitcoin Cash scheduled for May 15, which will introduce two small but not insignificant adjustments to the network.
One of them is the removal of the Bitcoin Cash unconfirmed transaction chain limit, which will allow more microtransactions to be issued without having to wait for block confirmation.
Blocks are mined every 10 minutes in Bitcoin Cash, and the old unconfirmed chain limit was limited to 50 transactions. This allowed high-volume applications to perform 50 near-instantaneous transactions before requiring confirmation in a block. This limit will be completely removed when the next hard fork occurs.
The other major change scheduled for May 15th will be the introduction of multiple “OP_RETURN” exits. In short, the blockchain Bitcoin Cash currently allows the insertion of various data in a transaction, such as text, images and other types of data. Currently, only one “OP_RETURN” output can be included in a transaction, that is, an image, text, and so on. The upcoming network upgrade will allow multiple pieces of diverse data to be included in a single transaction.
Both changes open the use of Bitcoin Cash to a higher volume of transactions, and make it more accessible to current and popular applications, such as NFT. The companies and application developers stated that they specifically wanted to see the changes introduced to extend the capabilities of the blockchain with non-fungible tokens in particular, as noted in the update documentation.
The market price of Bitcoin Cash has risen since the beginning of the year along with the rest of the cryptocurrency sphere. So has its general use, according to data from the Bitinfocharts chain.
The number of daily Bitcoin Cash transactions jumped from 20,000 in December to over 150,000 at press time, an increase of 650%. Between February and April, Bitcoin Cash regularly processed more daily transactions than Bitcoin (BTC), peaking at 414,000 compared to Bitcoin’s 229,000 on March 21.
However, the same data source shows less growth in the number of transactions originating from unique addresses, which only increased by 25%, going from 40,000 to 50,000, a figure that is a fifth of that observed in Bitcoin, said Cointelegraph .
We want to thank the writer of this write-up for this amazing content
Bitcoin Cash keeps rising: what the near future holds for this benchmark cryptocurrency