Bitcoin Cash (BCH) has suddenly made a jump since April 12 and today, it has touched the price of $ 353.2 with a jump of over 20%, thus redeeming the losses recorded starting last week.
Looking at BCH’s performance, the question arises to what extent the demand for this asset sustains in the market?
At the time of writing, this Bitcoin (BTC) hard fork yield recorded a trading value of $ 344.93, with an increase of almost 13% in 24 hours.
Unexpectedly when investors were in a fear zone due to volatile market conditions, BCH’s trading volume in 24 hours recorded a remarkable increase, almost 32%.
At the same time, its market value also increased, 12.55% to a record $ 6.57 billion.
Several factors can be taken into account to examine the potential of BCH in the long run:
Bitcoin transaction costs recorded an increase and this led users to switch to Bitcoin Cash which offers transaction speed at a low cost.
Investors are seen taking the opportunity to buy while it is still cheap following a price collapse of more than 25% from the monthly high.
The network update is scheduled for May 15, 2022, involving support for a number of operations and the addition of new operations.
Enables the presence of more financial services and products to the network
On the same date, improvements also include updating the operator node to the latest version.
One of the countries of the Netherlands, Sint Maarten is rumored to want to lift BCH as a legal tender.
If it is true that the leaders of Sint Maarten want to implement such changes, the same as El Salvador did, there is a possibility for the BCH to continue to skyrocket.
But whatever it is it still depends on the community and its ecosystem.
BCH is still far from the all -time high value (ATH), $ 4,355.62 recorded on December 20, 2017.
