Booming of Bitcoin cash-Almost 70% increase of BCH

From last two days, in cryptocurrency market Bitcoin cash is leading the charts. It is quite surprising for many of us.Bitcoin cash is crossing other cryptocurrency and it is overwhelming.

One of the best-performing cryptocurrencies this week is Bitcoin Cash (BCH), which has increased by almost 70% in the last five days to hit a four-month high. BCH is one of the top 20 cryptocurrencies by market capitalization and is currently trading at about $185.85and With a market valuation of approximately $3.6 billion and a circulating supply of more than 19.42 million out of the 21 million coins, BCH is now the 20th most valuable coin. The 24hours volume is $928.The data which is claimed here is according to 24 June 2024.

The rise in BCH is accompanied by a substantial increase in open interest, indicating resurgent investor interest in the alternative coin, which promises lower transaction fees and greater scalability than Bitcoin, the parent network, whose scalability is still constrained.

A hard fork from Bitcoin in September 2017 led to the creation of Bitcoin Cash.The platform can carry out transactions at lower costs and is scalable. The Bitcoin Cash network can fit more transactions in each block, although using the same consensus mechanism as Bitcoin, because each block is larger.

BCH has benefited from the rising bullishness in the crypto space. BCH has outpaced Bitcoin, Ethereum, and other liquid crypto currencies, according to statistics from CoinMarketCap. In the top 20, BCH has increased 35% just in the last trading day and 70% over the past trading week.

Conclusion

Almost 50% increase in Bitcoin cash is surprising and happy news for all the lovers of Bitcoin cash. This increase has thrown all the limelight of market on Bitcoin cash.