Bitcoin Cash soars by 10% ─ Expectations for hard fork in May rise
The price of Bitcoin Cash (BCH) surged nearly 10% in the past 24 hours as traders turned to the potential of the network ahead of a May 2023 hard fork.
According to the price chart, BCH crossed the support level of $108 on Jan. 13 and climbed to $125. Depending on buyers' willingness, the move could accelerate to the next resistance level at $150.
A hard fork refers to an upgrade of a blockchain network. Bitcoin Cash's May hard fork will bring additional security and privacy to the fledgling network, along with plans for “CashTokens,” which will allow decentralized applications to run directly on Bitcoin Cash, according to the developer. is set to
Other confirmed improvements include reduced transaction sizes to help speed up transaction times, bitcoin cash offering recurring payments to Bitcoin Cash users, derivatives trading and crowdfunding opportunities. It has a smart contract function that allows you to build a coincash-based application.
Mechanism Capital founder Andrew Kang said on Twitter that the combination of improving fundamentals and BCH price bottoming appears to have set the stage for a price rally in the coming weeks. bottom. “Charts are bottoming out abnormally and look set for a shock,” Kang tweeted.
– High APY of APE staking has locked up 25% of circulating supply
– Upcoming @OthersideMeta content can generate hype
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– BAYC/MAYC NFTs have started trending up again
– Key coin for any NFT narrativeshttps://t.co/LqeqCPBv97
—Andrew Kang (@Rewkang) January 12, 2023
Another factor pushing Bitcoin Cash's price upwards is that it could become legal tender in the Caribbean island nation of Saint Kitts and Nevis as early as March 2023. The plan has not been finalized, but was said to be in the review stage in November 2022.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Bitcoin Cash Jumps 10% Ahead of Optimistic May Hard Fork