With a surge in price and trading volume, along with growing institutional interest, Bitcoin Cash is attracting attention from both traders and investors. Bitcoin Cash (BCH), a cryptocurrency created in 2017 as a fork of the original Bitcoin blockchain, has been making significant strides in recent times. The digital currency has undergone numerous upgrades and changes to enhance its functionality and address scalability and security concerns.

Price Surge and Trading Volume

Bitcoin Cash has witnessed a remarkable surge in price and trading volume. Over the past 24 hours, the token’s price surged by 17% to reach as high as $226.44, marking the highest value since May 2022. The CoinDesk Bitcoin Cash Price Index (BCX), which tracks the token’s price across multiple exchanges, has shown an impressive 111% increase over the past week. Presently, Bitcoin Cash is valued at $223.68 USD with a trading volume of $94.84K USD in the last 24 hours. This surge in price has been accompanied by a substantial inflow of $1.2 billion in trading volume.

Also Read: The Rise of Decentralized Finance (DeFi).

Institutional Interest

Bitcoin Cash has been capturing the interest of institutional traders and exchanges. The launch of EDX Markets has played a significant role in this development. According to Santiment, a crypto research firm, BCH has benefited from the launch of EDX Markets, as well as rising trading volumes and increased social media interest. Furthermore, the application submitted by BlackRock for a Bitcoin spot ETF with the SEC has also contributed to the surge in price.

Upcoming Network Upgrade

Bitcoin Cash is scheduled to undergo a network upgrade on November 15, 2023. This forthcoming upgrade is expected to bring several improvements to the network, including increased transaction capacity and enhanced security measures. These enhancements aim to further bolster Bitcoin Cash’s position as a viable and robust cryptocurrency.

Projects and Applications

The Bitcoin Cash community is thriving, with a plethora of innovative projects being developed and deployed regularly. Here are some noteworthy projects and applications currently built around Bitcoin Cash:

1. Bcash: Bcash provides enterprise-level Bitcoin and blockchain libraries designed for businesses, miners, wallets, and hobbyists.

2. BCHD: BCHD is a mature, full-node implementation of the Bitcoin Cash protocol, offering advanced functionalities to network participants.

Also Read: Supreme Court Upholds Coinbase’s Arbitration Victory.

3. BITBOX: BITBOX offers scaffolds for the easy creation of Bitcoin Cash projects, supporting various frameworks like React, Angular, Node, Next, Vue, and Websockets.

4. Bitcoin Unlimited: Bitcoin Unlimited is a client specifically developed for the Bitcoin Cash (BCH) network, offering enhanced features and capabilities.

5. BitcoinPython: BitcoinPython is a Python implementation of the Bitcoin Cash protocol, enabling developers to interact with the network using the popular programming language.

Conclusion

Bitcoin Cash has experienced a surge in price and trading volume, attracting increased interest from institutional traders and exchanges. The forthcoming network upgrade holds the promise of significant improvements, further strengthening the network’s capacity and security. With a vibrant community of developers continually working on new and exciting projects and applications, Bitcoin Cash is solidifying its position as a prominent player in the cryptocurrency ecosystem.

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Written by Agbo Obinnaya.

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