- Bitcoin Cash (BCH) prices have risen by nearly 10% in the past 24 hours ahead of a planned May hard fork.
- The hard fork is expected to bring new features such as "CashTokens" and improvements to security and privacy.
- The price of BCH could potentially rise further due to buying interest and legal tender status in St. Kitts and Nevis.
Bitcoin Cash (BCH) prices have seen a significant increase in the past 24 hours, with traders shedding light on potential network changes ahead of the protocol's May hard fork. According to price charts data, BCH broke above resistance levels of $108 and reached as high as $125 on Friday. This has led to speculation that buying interest could fuel a further movement, potentially pushing the price to $150, where the next resistance level lies.
A hard fork refers to an upgrade in any blockchain network. In the case of Bitcoin Cash, the upcoming May hard fork is set to bring added security and privacy to the network, as well as new features such as "CashTokens". These tokens would enable decentralized applications to be directly built on the Bitcoin Cash network, according to developers.
Other proposed improvements that are already locked in include smaller transaction sizes, which would help speed up transactional times, and smart contract functionality. This would allow for the creation of Bitcoin Cash-based applications that offer a variety of uses, such as recurring payments, derivatives trading, and crowdfunding opportunities, to Bitcoin Cash users.
Mechanism Capital founder, Andrew Kang, noted on Twitter that the fundamental improvements coupled with a general bottoming of BCH prices set the runway for a price surge in the coming weeks. "Charts look insanely bottomed and ready for impulse," Kang tweeted.
In addition to these technical improvements, there are other fundamental factors that may strengthen Bitcoin Cash's price rise. One such factor is the possibility of it becoming legal tender in St. Kitts and Nevis, a Caribbean country, as early as March 2023. While the plan has not yet been confirmed, it was said to be in the discussion stages in November of last year.
Overall, the combination of these various factors has led to a bullish sentiment in the market, and many traders are keeping a close eye on the progress of the hard fork and the potential impact it may have on the price of Bitcoin Cash.