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Bitcoin Cash Jumps 10% Ahead of Optimistic May Hard Fork
Prominent traders pointed out scheduled improvements as catalysts for the move.
Updated Jan 13, 2023, 4:03 p.m. Published Jan 13, 2023, 7:47 a.m.
The price surged nearly 10% in the past 24 hours as traders shed light on potential network changes ahead of the Bitcoin Cash protocol’s May hard fork.
BCH broke above resistance levels of $108 to as much as $125 on Friday, price charts data shows. Buying interest could fuel a movement to at least $150, where the next resistance level lies.
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A hard fork refers to an upgrade in any blockchain network. Bitcoin Cash’s May hard fork is set to bring added security and privacy to the fledgling network, with plans for “CashTokens” – which would enable decentralized applications directly on Bitcoin Cash, as per developers.
Other proposed improvements already locked in include smaller transaction sizes – which help speed up transactional times – and smart contracts functionality that could allow Bitcoin Cash-based applications built that offer recurring payments, derivatives trading, and crowdfunding opportunities, among other uses, to Bitcoin Cash users.
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Mechanism Capital founder Andrew Kang noted on Twitter the fundamental improvements coupled with a general bottoming of BCH's price set the runway for a price surge in the coming weeks. “Charts look insanely bottomed and ready for impulse,” Kang tweeted.
$BCH
— Andrew Kang (@Rewkang) January 12, 2023
- Charts look insanely bottomed and ready for impulse
- Most BCH whales (Ver, Jihan) either capitulated or inactive
- Biggest network upgrade/hardfork in years in May 2023 (more efficient smart contracts, L2 capabilities)https://t.co/sqb2gtE1tS pic.twitter.com/ESaslrDfHv
Other fundamental factors that may strengthen bitcoin cash’s price rise include it potentially becoming legal tender in St. Kitts and Nevis, a Caribbean country, as early as March 2023. The plan is not confirmed but was said to be in the discussion stages in November last year.
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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