Bitcoin Cash Performing Better Than Bitcoin Recording A 1.29% Rally And Undergoing Expansion

So far, more than 20k cryptocurrencies have been inducted into the cryptocurrency industry and all of them are floating through thousands of blockchains.

The cryptocurrency industry is constantly growing larger and the expansion is immeasurable. However, out of thousands of cryptocurrencies, only a handful of cryptocurrencies enjoy mass adoption.

As their adoption grows and more investors turn to the particular protocol, the particular blockchain starts feeling the pressure. If the network is not prepared for such a high level of user base or transaction volume, then it collapses.

Bitcoin Blockchain

Therefore, blockchain networks have to undergo multiple upgrades and updates in order to make room for more transactions and users.

For this purpose, the blockchain networks have to implement hard forks that may sometimes introduce new tokens for the community.

This is what the Bitcoin blockchain did when it launched Bitcoin Cash (BCH) back in 2017. The Bitcoin blockchain added a new token in the form of BCH where the Bitcoin (BTC) was already ruling the market.

Bitcoin Cash has a much lower value compared to Bitcoin but it still has a huge investor base. Bitcoin Cash had been launched as a hard fork to introduce more scalability and lower transaction fees on the protocol.

Turns out, Bitcoin Cash turned out to be a successful token, and surprisingly, when BTC is facing a negative trend, BCH is experiencing a positive trend.

Bitcoin Cash’s Price Action

In the past 24 hours, BCH has proven to be a better token than its counterpart BTC.

Bitcoin Cash had been introduced to be a better store of value as well as a highly scalable payment network than Bitcoin. With its recent performance, it is quite evident that these positive factors have worked in favor of BCH despite the crypto winter.

The data shows that in the past 24 hours, the trading price of BCH has been pushed up by 1.29%. The recent push has helped raise the trading price of BCH to a high of $120.50.

Despite the broader market’s bearish movement, BCH has demonstrated a positive move. Now, BCH is moving in the positive direction and the situation is still bullish for the digital asset.

The reason behind the Recent Push

In recent days, Bitcoin Cash has gained huge traction due to its latest service. The Bitcoin Cash development team has launched a new cryptocurrency exchange that operates on a decentralized network.

The best utility of the particular exchange is that it is dedicated to Bitcoin Cash. The exchange allows users to trade Bitcoin Cash against a vast variety of cryptocurrencies.

The users can also use the exchange to hedge their funds in Bitcoin Cash. On the exchange, BCH has been paired with major cryptocurrencies and even other assets such as Ether, Bitcoin, USD, and even gold.