Bitcoin Cash (BCH), the world’s fourth largest cryptocurrency by market capitalization, has experienced a 26% increase in value over the past week. At the time of this writing, BCH is trading at $557.42 USD. This is up from $440.21 USD a week ago.
This surge occurs in the wake of Binance, the second largest global crypto trading platform, announcing that they are supporting the upcoming hardfork of Bitcoin Cash.
A hardfork relates to blockchain technology. It is when the code of a project’s transaction protocols is changed drastically. In regard to cryptocurrency, changing the protocols results in a new updated version of the currency. People can still trade with the old version as well as the new one. However, over time, most people tend to switch to the updated one. Bitcoin Cash is itself a fork of the original Bitcoin (BTC) transaction protocols. This fork occurred in August of 2017.
The upcoming BCH hardfork is scheduled to take place on the 15th of November at around 4.40 PM GMT. Deposits and withdrawals of the cryptocurrency will be suspended from that time onward.
The blockchain will be split into two coins. One implementation will be by nChain, a Bitcoin orientated crypto company. The second implementation will be conducted by Bitmain, a private company which sees to the mining of cryptocurrency. It is expected for one of these chains to dominate the other in the weeks after the hardfork.
There are a few theories circulating online media about what has caused the sudden rise in the value of Bitcoin Cash. The prevailing belief is that there may be some form of market manipulation going on, as Bitmain released their financial details ahead of a planned Initial Coin Offering (ICO).
Whatever the case, it would seem that as Bitcoin Cash enters its last days, it reaches new heights.