Bitcoin Cash Hard Fork Drives Price Nearer To $1000 Mark
Last week it was reported that there was another hard fork in store for Bitcoin Cash, and it seems to have been influencing the price of BCH, giving it a significant boost.
It appears that news of the hard fork really have had a noticeable effect on the crypto’s price, and its seemingly boosting up the value. From the 18th of April, it can be noticed that Bitcoin Cash went from $755.00 to $995.00, with the current value of Bitcoin Cash being around at $980.18, having an increase of 10.44% when this article was written.
The rise in Bitcoin Cash has also been helped by the upwards market trend which has of course been influenced by the mid-April market increase of last week.
The date for the hard fork has been set on the 15th of May. It will implicate an upgrade of Bitcoin Cash’s ‘consensus rules’ by rolling out of new software, Bitcoin ABC 0.17.0. All those that run on a Bitcoin Cash node have been advised to install said update before the forking process starts. Exchanges and Wallets will collaborate with Bitcoin Cash to make sure that their services will still function properly after this update.
The major objective of the hard fork is to size up the Bitcoin Cash blocks up to 32Mb.
Due to the added attention these latest developments have attracted this month, it could be highly possible that BCH might manage to perform well on the markets for the remainder of this month. Some speculate that it is also quite possible that the digital currency will continue to perform well, even in the eventuality of a sudden market drop.
Many BCH supporters are rooting for the cryptocurrency, hoping it will reach its $1,000 mark in the next days, which would signify an important achievement for the Bitcoin sibling.