Bitcoin Cash (BCH) was one of the few digital assets keeping its weekly gain, as Bitcoin prices started to retreat and altcoin fell sharply. BCH also saw selling, bringing it down around 7% in the past day, to $1,645.99. But the asset is still up a net 14% this week, one of the few among the top 10 of coins to keep to the gains.
The immediate reason behind the rise is the planned non-contentious hard fork on May 15, which may be increasing the exposure of the asset, and amplifying the hype.
!Bitcoin Cash!
As Bitcoin’s price seems to stagnate, reaching $9,600, but with no indications of easily crossing the $10,000 barrier, the hard fork asset starts to look more appealing.
https://twitter.com/rogerkver/status/993125898277699586
For the past week, the rapid appreciation of BCH also made the BTC-BCH exchange the most active one on Changelly. The automatic exchange service has seen such activity before, and BCH has had its rapid runs, but selling and depressed prices have followed the hype.
For BCH market prices, the Korean markets are responsible again, where the asset trades above $1,700.
The Bitcoin Cash Network is More Rewarding Now
Some of the boost for the BCH price is also the current adjusted difficulty of mining. Temporarily, it is around 4% more profitable to mine on the Bitcoin Cash blokchain. At the same time, the Bitcoin blockchain still has 20 times higher transaction fees.
Yet at the moment, trading volumes behind the recent price climb have been subdued, compared to the spikes last year. It is unknown if volumes of $1.1 billion in 24 hours can sustain the climb in case selling resumes.
The Bitcoin Cash community has not given up on the Bitcoin brand, but there are fewer outright talks of a “flippening”. BCH transactions are still around 10 times lower compared to those on the BTC network. Additionally, the Litecoin and DogeCoin networks often achieve higher traffic compared to Bitcoin Cash.
This article appeared first on Cryptovest