Bitcoin Cash [BCH] burst back to the market capitalization of top 10 rankings earlier today on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 USD to $1,462 USD in beneath 24 hours leading into Thursday, adding to a notable increase from its weekly low within the $800 USD price range.
The resurgence of what was once a mainstay of the top-10 lineup comes just over every week prior to Bitcoin Cash’s scheduled bi-annual hard fork later on 15th May, which can introduce two small, but not insignificant, tweaks to the network.
One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit, allowing more micro-transactions to be broadcast without having to attend for block confirmation.
Blocks are mined every 10 minutes on Bitcoin Cash, and therefore the old unconfirmed chain limit was capped at 50 transactions. This permitted high-volume applications to form 50 near-instant transactions before requiring confirmation within a block. This cap will be completely removed entirely within the upcoming hard fork.
The other major change scheduled for May 15 will see the introduction of multiple “OP_RETURN” outputs. Put simply, the Bitcoin Cash blockchain presently permits the insertion of miscellaneous data into a transaction, like text, images, and other data types. at the present, just one “OP_RETURN” output is often included within a transaction – i.e., one image, text, etc. The upcoming network upgrade will leave multiple pieces of miscellaneous data to be included within a single transaction.
Both changes feasibly open up Bitcoin Cash to higher volume usage and make it more amenable to present and popular applications like nonfungible tokens. Businesses and app developers stated they specifically wanted to ascertain the changes introduced to expand the blockchain’s capabilities with nonfungible tokens especially, as noted within the upgrade’s documentation.
Bitcoin Cash’s market value has been on the increase since the beginning of the year alongside the remaining of the cryptocurrency ecosystem. So too has its overall usage consistent with on-chain data from Bitinfocharts.