Bitcoin Cash showed a significant increment in its price ahead of Hard Fork activities.
Bitcoin Cash (BCH) is a forked coin of the Bitcoin network, which took birth in Aug 2017. Roger Keith Ver, an early Bitcoin Investor, secured significant support from the Bitcoin community to bring a new crypto asset that can fulfil the need for crypto payments. According to Roger, Bitcoin was only the best investment asset & this was the reason to bring Bitcoin Cash (BCH).
At the time of writing this article, the BCH coin price is $120 & this price is 20% higher over the last 7 days’ trade price.
This sudden increment in the BCH price happened because of two reasons. One of the main reasons is a better positive situation in the Crypto market and the second thing is the news of the Bitcoin Cash network Hardfork, which may take place in May 2023.
Already 2 months ago, developers started to work on decentralisation apps (DApps) on the Bitcoin Cash network but on the testnet smart contract version of Bitcoin Cash. That means, the testnet version of the smart contract-enabled Bitcoin Cash network has been released and now in the next 4 months we will see the mainnet version of Defi protocols on the Bitcoin Cash network.
Perhaps the Bitcoin Cash network operates on Proof-of-work (PoW) model, like the Bitcoin network, but still, this network is highly efficient over the Bitcoin network. For example, the network fees in Bitcoin cash are $0.20 and $0.25 per transaction. Bitcoin meanwhile charges an average of $0.4 and $2 per transaction. The transaction process time in Bitcoin Cash is efficient over Bitcoin network.