Bitcoin Cash (BCH) re-entered the ranking of the 10 best cryptocurrency positions with the largest market capitalization on Thursdayafter a 36% overnight increase that contributed to a 68% growth for the week. The BCH currency valuation rose from $ 1,068 to $ 1,462 in less than 24 hours to May 6th, adding to a notable rise from its weekly low in the $ 800 area.
The resurgence of what was once the mainstay of the top 10 roster comes just a week before Bitcoin Cash’s biannual fork, scheduled for May 15.This leads to two small, but not insignificant, network improvements.
One of them is the lifting of the limit on the chain of unconfirmed transactions from Bitcoin Cash that This allows more microtransactions to be issued without waiting for block confirmation.
Blocks are mined in Bitcoin Cash every 10 minutes, and the old unconfirmed chain limit was limited to 50 transactions. This enabled high-volume applications to execute 50 near-instant transactions before requiring a block of confirmation. This limit is completely lifted when the next hard fork occurs.
The other major change planned for May 15th is the introduction of several “OP_RETURN” exits. In a nutshell, The Bitcoin Cash blockchain currently allows various data to be inserted into a transaction, e.g. B. Text, images and other types of data. Currently, only one “OP_RETURN” output can be included in a transaction, i.e. an image, text, etc. With the upcoming network upgrade, several different pieces of data can be contained in a single transaction.
Both changes open up the use of Bitcoin Cash to higher transaction volumes and make it more accessible to current and popular applications like NFTs.. The companies and application developers stated that they specifically want to see the changes that have been introduced to extend the functionality of the blockchain, particularly with non-fungible tokens, as stated in the update documentation.
Bitcoin Cash’s market price has risen along with the rest of the cryptocurrency sphere since the beginning of the year. Its general use is based on data from the Bitinfocharts chain.
The number of daily Bitcoin Cash transactions rose from 20,000 in December to over 150,000 an increase of 650% at the time of publication. Between February and April Bitcoin Cash consistently processed more daily transactions than Bitcoin (BTC), hitting a high of 414,000 against Bitcoin’s 229,000. March 21st.
However, The same data source shows a smaller increase in the number of transactions with unique addresses, which increased by only 25%.from 40,000 to 50,000, a number one-fifth the number observed in Bitcoin.