Amidst a Wider Crypto Market Recovery, Bitcoin Cash is Leading the Pack. Why?Apr 23, 2018, 1:39PM
Bitcoin Cash is rallying due to a hard fork expected next month that will allow tokenization and greater transaction capacity on the BCH Chain.
The cryptocurrency market has staged a wide recovery with most of the top ten assets breaking free of their bearish technical patterns and entering a bona fide bull market. However, one asset, Bitcoin Cash, leads the pack with unusually impressive gains.
Bitcoin Cash is up by almost 20% in the last 24 hours alone while Bitcoin, Ethereum, and the other major assets are relatively flat. Bitcoin Cash is now worth $1,285 per unit which translates to a total market cap of $23.66 billion - earning it the 4th largest position on Coinmarketcap.com.
Why is Bitcoin Cash Doing So Well?
Bitcoin's Cash's recent movement is part of a larger trend that started when the cryptocurrency market began is break out in early April. However, while the other assets performed well, Bitcoin Cash's bullish momentum is much greater, and it has outperformed most other cryptos over the last few weeks.
There are several reasons for Bitcoin Cash's heavy buying volume. The biggest positive catalyst will be a hard fork due to arrive by mid may. This fork will allow Bitcoin Cash users to fit a larger number of transactions within each block as well as adding additional operating codes. The new codes will enable users to create smart contracts and tokenization on the Bitcoin Cash chain.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.