Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine.
The offshoot of the biggest digital token has surged about 25 percent since Friday, in part because Antpool, one of the largest mining groups, is “burning” a portion of the coins it receives in exchange for solving the complete mathematical puzzles that serve as the backbone of the network, potentially reducing supply and driving up the value.
The maneuver is the latest salvo in an escalating battle between backers of Bitcoin and Bitcoin Cash, which was spun off last year. Through a war of words playing out on Twitter and Facebook, some of the largest holders of both cryptocurrencies are attempting to influence the coins’ prices after seeing significant losses since last year.
The week has been consistently good for all the cryptocurrencies with Bitcoin [BTC] breaching the $9000 mark after a long time followed by Ethereum [ETH] which crossed $600. But the real winner of the week amongst the top coins turned out to be Bitcoin Cash [BCH].
According to CoinMarketCap, Bitcoin Cash [BCH] at press time was trading at $1250 with a market cap of $21 billion. The coin has seen more than 59% hike in the past 7 days and more than 9% hike in the past 24 hours.
Many market speculators believe that the reason behind the sudden rise of Bitcoin Cash [BCH] is because of the hard fork which is due on May 15th. The announcement of Bitcoin Cash [BCH] hark fork was made in November 2017 by the ABC developers with plans of reactivating some of the Bitcoin Opcodes which was deactivated earlier. In addition, the team has declared that they will be upgrading the block size to 32 MB.
Following the announcement of the hark fork date, Bitcoin Cash [BCH] trading rose from $757 on 18th April to $1229 today. There are speculations that the coin will continue to be green for a long time. Some people even believe that Bitcoin Cash has already begun to take over Bitcoin [BTC] in the crypto-space.