Bitcoin Cash: The Fastest Rising Cryptocurrency of the Year
Introduction
In recent news, Bitcoin (BTC) reached a new annual high of above $31,000, showcasing the ongoing dominance of the cryptocurrency. However, amidst this upward trend, several altcoins have also managed to capture the spotlight. One such altcoin is Bitcoin Cash (BCH), which has surprised everyone with its impressive performance. This article delves into the astonishing rise of Bitcoin Cash and explores the factors contributing to its success.
Bitcoin Cash Surges with Record-breaking Growth
Recent data from CoinMarketCap reveals that Bitcoin Cash has emerged as the fastest riser in the past 24 hours. Currently, it is in the green zone, demonstrating an incredible 38 percent surge. Analyses of the performance of all cryptocurrencies over the past week highlight that Bitcoin Cash outperforms its peers by a significant margin. In just one week, BCH has skyrocketed by approximately 78 percent.
The Influence of EDX Markets
A key reason behind the remarkable growth of Bitcoin Cash is the news of the launch of a new cryptocurrency exchange called EDX Markets. This platform, supported by major exchange giants, aims to provide trading services for Bitcoin Cash, alongside Bitcoin, Ethereum (ETH), and Litecoin (LTC). The announcement of this development has further fueled the rise of BCH, attracting more interest and investment in the altcoin.
Understanding Bitcoin Cash
Bitcoin Cash emerged in July 2017 through a fork of the Bitcoin blockchain, marking the first significant split in the Bitcoin network. It was closely followed by the creation of Bitcoin SV. The main difference between Bitcoin Cash and its predecessor lies in the block size. Bitcoin Cash’s transaction blocks have a larger capacity compared to Bitcoin’s. While Bitcoin’s blocks are limited to 1 MB, Bitcoin Cash opted for a limit of 8 MB, allowing for more transactions to be processed simultaneously.
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Moreover, Bitcoin Cash has recently increased its block size capacity to 32 MB, solidifying its ability to handle a significantly larger volume of transactions compared to the Bitcoin network.
Conclusion
Bitcoin Cash’s incredibly rapid growth has astounded the cryptocurrency community. With its impressive performance, BCH has become one of the most prominent altcoins in the market. The launch of EDX Markets and the continuously expanding block size capacity have played a crucial role in driving investor interest and confidence. Bitcoin Cash is undoubtedly a force to be reckoned with, shaping the future of the cryptocurrency landscape.