Bitcoin Cash appreciated significantly in the past week and rose by 17% on Monday. Thus, in the last seven days, the rise in its price has reached 80%. The main driver of the upward price movements is the forthcoming splitting of the currency into two. The process called “fork” represents a major deviation in the blockchain protocol. As a result, a new blockchain is created, and hence a new crypt. The purpose of the division is to increase the processing power of Bitcoin Cash.
According to Matty Greenspan, analyst at the eToro trading platform, Bitcoin Cash will be split in two on May 15th. The planned fork will increase the maximum block size from 8 to 32 MB and will also remove the SegWit protocol.
“Once the division of the base currency becomes a reality, those hoping to get the new coins will be disappointed as the new digital coin will completely replace the old coin”, explained Matty Greenspan.
Bitcoin Cash is the fourth key cryptocurrency by market capitalization with total worth of 23 billion USD.
In a report titled “CryptoLooks: Past, Present and Future”, the experts predicted at the end of March that Bitcoin Cash could reach 2,000 USD by May 2018, representing an increase of 130%.
After the weekend as a whole, the total market capitalization of digital currencies reached 400 billion USD. This is the highest value since the beginning of March. Growth occurs with all leading cryptocurrencies, with Bitcoin Cash being the most impressive. On April 21, the Bitcoin managed to break the 9,000 USD level for the first time in a month.