Bitcoin Cash (BCH) exploded back to the market capitalization top 10 rankings on Thursday after a 36% sudden rise compounded 68% growth for the week. The valuation for BCH currency climbed from $ 1,068 to $ 1,462 in less than 24 hours leading up to May 6, adding to a remarkable increase from its weekly low in the $ 800 range.
The resurgence of what was once the mainstay of the top-10 line comes just over a week before Bitcoin Cash’s planned two-year hard fork on May 15, which will introduce two small but not insignificant changes to the network.
One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit, allowing more micro-transactions to be issued without having to wait for block confirmation.
Blocks are exploited every 10 minutes by Bitcoin Cash, and the old unconfirmed chain limit has been limited to 50 transactions. This allowed high-volume applications to make 50 near-immediate transactions before requiring blockchain verification. This cap will be completely removed in the next hard fork.
The other major change scheduled for May 15 will see the introduction of many “OP_RETURN” results. Simply put, the Bitcoin Cash blockchain currently allows you to insert various data into a transaction, such as text, images, and other data types. Currently only one “OP_RETURN” output can be included in a transaction, ie one image, text etc. The next online update will allow you to include several pieces of various data in one transaction.
Both changes feasibly open Bitcoin Cash to higher usage volumes, and make it easier for current and popular applications such as NFTs. Traders and software developers stated that they specifically wanted to see the changes introduced to expand the capabilities of the blockchain with non-fungal tokens in particular, as noted in the update documentation.
The market price of Bitcoin Cash has grown since the beginning of the year along with the rest of the cryptocurrency sphere. So also has its general usage according to string data of Bitinfocharts.
The number of daily Bitcoin Cash transactions grew from 20,000 in December to more than 150,000 at the time of publication – an increase of 650%. Between February and April, Bitcoin Cash regularly processed more transactions per day than Bitcoin (BTC), reaching 414,000 to 229,000 of Bitcoin on March 21st.
However the same data source shows less growth in the number of transactions coming from unique addresses, which only increased 25% from 40,000 to 50,000 – a figure one-fifth of that seen in Bitcoin.