Bitcoin Cash Price Climbs 29% In The Last 24 Hours as Other Coins Struggle
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Bitcoin Cash overtakes all other cryptocurrencies in terms of the price gains. It is ranked 4th of all the major coins and has experienced a double digit gain of almost 30% in the last 24 hours. Of all the other coins in the top 5, only bitcoin and bitcoin cash have experienced gains, with the former slightly above 2% increase in price. Bitcoin Cash was forked from bitcoin last year in August. With barely 6 months in the market, bitcoin cash has shown a lot of promise by climbing to the 4th spot. On Tuesday, this week, it was trading below $800, and currently trading above $1,300. There are a couple of reasons why this is the case.
The two bitcoin unlimited improvement proposals (BUIPs)
Even though bitcoin cash is considered as a top 5 coin, and one of the most promising cryptocurrency, it still requires some improvements. Developers need to completely make it independent from the original bitcoin, from which it was split. This year, two BUIPs were submitted to help discuss on ways developers can improve the coin. Luckily, one of those proposals, BUIP084, was recently passed and this could be the reason as to why BCH is soaring in price as compared to other coins. For the second improvement proposal, BUIP085, the discussion on whether to approve it or not is still in progress and once it accumulates enough votes, it will be passed.
Responding to the recent positive news
It is amazing how positive news about cryptocurrencies, regardless of how huge or minute, can affect the market positively. Late last month, CoinGeek.com made a huge announcement, to fund Electron Cash team with up to $300,000 annually, to develop bitcoin cash open source projects. Early this week, a US Senate Committee hearing discussed cryptocurrencies with a positive tone, and a light touch, which gave the overall market the needed boost. This news came at a time when the self-off for bitcoin and altcoins was at the highest, since November last year.
Further gains expected
Even at the heart of negative news, including China’s overall ban on crypto trading and the hacking of Coincheck, the crypto market has started to recover. The overall market cap is around $400 billion and if more positive news keeps streaming, the price gains will be expected across the entire market in weeks to come.