The bi-annual event of Bitcoin Cash that is shaping up way different than its predecessors is all set to hit the market on November 15. This hard fork of 4th largest cryptocurrency has already gained support from top crypto exchanges and taken a hike of around 42 percent.
Bitcoin Cash (BCH) Surges about 42 percent
The world’s fourth largest cryptocurrency Bitcoin Cash (BCH) is having a good couple of days as it takes a hike of about 42 percent over the last five days as it surged from $412 to $585. At the time of writing, Bitcoin Cash has been trading at $564.34 against US dollar with 24-hours gains of 0.65 percent.
The $9.8 billion market cap cryptocurrency’s daily trading volume is also seeing a spike as yesterday it jumped to $1.4 billion. At the moment, it is over $779 million.
With its hard fork looming, Bitcoin Cash is expected to make its move even higher. If BCH/USD breaks above the $570 resistance yet again, Bitcoin Cash price is expected to rally.
The Talk of the Town: Bitcoin Cash Hard Fork Details
Scheduled for November 15, Bitcoin Cash hard fork will mean two separate and independent BCH blockchains and in result two coins. Bitcoin Cash was the result of a divided community on increasing the block size of the Bitcoin (BTC). And now, Bitcoin Cash is trading the same waters.
Twice in a year, Bitcoin Cash undergoes a hard fork for protocol upgrades which goes unnoticed. However, this time the community has failed to come to a consensus and is divided over the future of Bitcoin Cash blockchain.
nChain, a blockchain group led by Craig Wright and has support from Coingeek is basically running its own upgrade and raise the block size to 128 MB.
Ryan X Charles, CEO of Money Button, which is a digital currency payments button for websites and apps that allow payments to be nearly instant and nearly free but cannot be reversed or blocked, recently shared details about this with,
“What we do is we run both nodes. When a transaction comes in either somebody sends money to the wallet or send money to another user… we only recognize a transaction if it’s on both chain simultaneously otherwise we either mark it as a split transaction or you invalidate it or something like that.”
When it comes to supporting, Binance, Coinbase, and Poloniex have already announced their support. Whereas, BitMEX has launched a new website called, ForkMonitor.info that “connected to several different nodes, both Bitcoin and Bitcoin Cash implementations.”
As for price movements, events like hard fork tend to be seen as bullish by traders as they will be getting free coins adding to the ones they already hold. And if traders do find potential in Bitcoin SV (Satoshi Vision), BCH will surge higher.
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.