Most cryptocurrencies were in the green today, with EOS, Bitcoin Cash (BCH), and Ripple’s XRP being among the top gainers. Bitcoin Cash, the cryptocurrency created from Bitcoin, saw its value jump by over 17 percent in the last 24-hour period, meaning its price went past $1,100.
At press time, according to data from CoinMarketCap, Bitcoin Cash is trading at $1,129. The cryptocurrency has now surged more than 80 percent from its recent low of roughly $620 from earlier this month, and its market cap is at $19.1 billion.
Behind its surge, besides the ongoing market recovery, is an upcoming hard fork that will improve the cryptocurrency’s features and presumably make it even more attractive for investors.
Various analysts believe cryptocurrencies need to scale before seeing adoption rise. One such analyst is Sebastião Coelho, CMO at Flashmoni, a blockchain company set to create financial solutions for the underbanked and unbanked. Speaking to Forbes, he said:
“Before we see mass adoption of cryptocurrencies, we need to see a significant reduction in the time it takes to process transactions.”
Ahead of the hard fork, BCH is reportedly benefitting from “rising interest and volumes,” which is helping its value surge, along with some mainstream attention. Recently, CNBC’s Brian Kelly, of the network’s popular news program Fast Money, made a case for viewers to buy BCH. In his arguments, he revealed a potential breakout was coming, as the cryptocurrency’s trading volume was increasing.
Bitcoin Cash’s hard fork
The cryptocurrency’s hard fork, scheduled for May 15, will see its 8 MB blocks expand to 32 MB, allowing them to process more transactions. The increase is notable, as BCH’s blocks keep growing while Bitcoin maintains 1 MB blocks and works on second-layer solutions.
The hard fork will also add or reactivate several operation codes, according to blockchain startup CEO James Song. Per his words, this means the cryptocurrency will have Ethereum-like features, as “simplified smart contracts” will be possible in its blockchain. He said:
“This means simplified smart contracts will be possible on the bitcoin cash blockchain. This particular bit of news is what is driving market excitement around bitcoin cash.”