The entire cryptocurrency market is having a great time with the prices steadily rising, however, BCH price is leading the pack with over 80 percent rise in the last week itself. Recently, BitPay also announced adding BCH in its checkout amid the controversy around Antpool burning a portion of BCH coins.
BCH goes above $1,500, BitPay announcement might boost BCH price further
A bull trend is certainly gaining momentum in the cryptocurrency market with the prices of bitcoin and altcoins surging to a great level. Cryptocurrencies are touching new levels as BTC crosses $9k mark, Ripple has come really close to $1 while currently being at $0.914 and EOS sitting at $13.69. However, there is one digital currency that hasn’t just risen rather flown high with over 80 percent surge in last week itself.
BCH is currently riding at $1,535. Bitcoin Cash’s features like introducing new signatures for transactions, working on chain scalability and adjustment adaptability has earned it a lot of attention. The upcoming hard fork on May 15 has further facilitated this growth. This consensual upgrade that will increase the block size of this cryptocurrency might be the reason behind taking the lead in cryptocurrency price race.
In the wake of this price surge, Bitcoin Cash received another good news in the form of BitPay announcing the use of Bitcoin Cash for payments in brick and mortar businesses. BitPay checkout is used by restaurants among other retail businesses in Toronto, Paris, Atlanta, Madeira Beach, and St. Petersburg. This announcement might help in giving a further boost to BCH price.
After over 80% surge, is BCH in for a slowdown?
According to the Coinmarketcap, Bitcoin cash is the fourth largest cryptocurrency. Throughout the last week, there has been a bullish momentum in the market that boosted the price of cryptocurrencies. On one side, BTC saw a rise of about 11%, Ripple surged 34%, 26% in Ethereum and EOS experienced an extension of 46% approximately, while on the other side Bitcoin cash rose about 88 percent.
BCH has outperformed its competitors and risen above $1,500 mark. Technically, it has been expected that the rally of BCH is overdone and a pullback might be in order. However, this pullback is likely to be short-lived.
Bitcoin cash & Antpool scenario: Burning a percentage of coins
Reportedly, Antpool which is one of the largest mining groups is burning a portion of BCH coins that it receives in exchange for solving mathematical puzzles that reduces the supply of the coins and in turn drives up their value.
Do you think BCH price would slow down now or will it keep on ascending? Let us know your thoughts in the comment section below!
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.