All things seem to be going right for Bitcoin Cash at the moment. The past month has seen the value of the currency rise by well over 100% but not only that, the rise has not yet been stunted by any significant declines, instead, Bitcoin Cash has maintained a steady balance, way above the $1,000.00 target it once really did struggle to reach.
At the time of writing, Bitcoin Cash is valued at $1,485.42 and is up 9.71%, leading its value comfortably towards $1,500.00.
So, can it continue this impressive run?
Whilst at the moment, a continuation of good form does seem likely, in order for us to really see what sort of path Bitcoin Cash is going to take, we should re-trace its steps and really see why Bitcoin Cash has stood out so much through April and into the start of May.
We have heard rumours of a mass coin burn which has been taking place within the Bitcoin blockchain, indeed, many people do believe this has contributed to the good form of Bitcoin Cash.
Moreover, if we take a wider approach to this, the mid-April market surge which started around the 13th
of April did give Bitcoin Cash a significant boost, moving the value of the currency from around $750.00 to around $1,500.00 in just 10 days.
The biggest news overall however does point towards a Bitcoin Cash hard fork which has been planned in order to upgrade the block size of the blocks within the Bitcoin Cash chain to 32Mb. This hard fork is now set to be named Bitcoin ABC and will see the start of yet another new Bitcoin fork-based altcoin.
According to The Motley Fool:
Bitcoin Cash, which itself is a spin-off from the original Bitcoin, is due to have a hard fork on May that will create its own spin-off by the name of Bitcoin ABC. Bitcoin ABC has been designed to improve on Bitcoin Cash by quadrupling the block size from eight megabytes to 32 megabytes. Its developers believe that a larger block size will allow for more transactions to be processed at once, resulting in a quicker network and boosting its appeal for real world use. Eligible Bitcoin Cash holders will receive Bitcoin ABC coins in their wallets when it launches.
So, can Bitcoin Cash continue its impressive month?
Yes, indeed, and let’s hope it does! Granted, given the above you could argue that such a perfect climate for Bitcoin Cash may not exist for another continuous month, however with the hard fork hype in full swing, and chances of further bull runs going into the middle of May, we can expect this coin to continue to fly. For now at least, it’s maintenance around $1,500.00 is a key indication of the future of this currency.