The price of Bitcoin Cash (BCH) has seen an increase of more than 80% this week.
Bitcoin Cash (BCH) is the best performing cryptocurrency on the market over the past 7 days. According to data from CoinMarketCap, BCH records a weekly increase of 80,34%, leading the rise in the top 100 cryptocurrencies by market cap.
Data from the cryptocurrency price tracking platform also shows that BCH traders are moving more than $880 million in trading volume per day in the cryptocurrency.
At the time of writing this article, BCH is trading on the market with a price of $ 193,25 dollars per unit.
Source: CoinMarketCap
Although Bitcoin Cash (BCH), ranked #20 in the crypto market, has nearly doubled in price this week, the cryptocurrency is still trading 95% below the all-time high price it recorded in December 2017, when it reached $4.355 per token.
Why is BCH rising?
While institutional interest that has recently been awakened by Bitcoin is causing the cryptocurrency market to increase its capitalization, the price of Bitcoin Cash has also been favored by other factors. BCH listing On the new crypto exchange platform EDX Markets, the apparent US SEC decision de delete to cryptocurrencies based on Proof of Work (PoW) of the value classification and proximity of a new halving As is the case with Bitcoin, they are promoting the price of BCH in the market.
BCH is among the tokens listed by the EDX Markets platform, which is backed by major crypto investing companies such as Fidelity Digital Assets, Paradigm, Sequoia Capital, and Citadel Securities, among others. Also, the absence of cryptocurrencies based on the PoW protocol, such as BCH, in the lawsuits filed by the SEC against Binance and Coinbase for the alleged offering of unregistered securities, has also been influencing the bullish price of this cryptocurrency.
Lastly, Bitcoin Cash hopes that its next halving, the second for the blockchain network, is expected to occur in April next year. Like Bitcoin, the Bitcoin Cash halving cuts the network's block reward in half.
What is Bitcoin Cash?
Bitcoin Cash was born as the first hard fork of the Bitcoin network. This blockchain network and cryptocurrency was born in August 2017 with the aim of overcoming some of the main problems of Bitcoin, such as block size, scalability, and commission fees. Although Bitcoin network fees are under $1 per transaction, according to the mempool, in Bitcoin Cash transactions are almost free.
Bitcoin Cash also implements improvements and new developments focused on unlocking the possibilities of the crypto industry and Web3, such as the Smart Bitcoin Cash (smartBCH) sidechain, based on Bitcoin Cash, to deploy Ethereum dApps on this blockchain.
Continue reading: SEC Receives New Registration Applications for US Bitcoin Spot ETF
