The price of Bitcoin Cash (BCH) has risen more than 50% during the last 24 hours and perhaps one of the reasons for this is the proximity of the hard fork that will take place on 15 May.
This has also boosted BCH’s market capitalization into the top 10 by market cap according to CoinMarketCap data.
What does the Bitcoin Cash hard fork entail
The hard fork that will take place on the cryptocurrency’s fourth birthday will involve, among other things, removing the chain limit on unconfirmed transactions, so that more microtransactions can be transmitted without having to wait for the entire block to be confirmed.
The current limit is 50 transactions, while each block on the Bitcoin Cash blockchain is mined every 10 minutes.
NFTs on Bitcoin Cash
Another feature that will be implemented with this hard fork is the introduction of “OP_RETURNs” to include different data or files in a transaction. The first application that comes to mind is therefore the ability to create NFTs, which are nothing more than image files included in a transaction.
In fact, on the Bitcoin Cash blockchain there is already the possibility to create and sell Non fungible Tokens quite cheaply thanks to SLP tokens, which stands for Simple Ledger Protocol.
The price of Bitcoin Cash
According to Long Forecast, who seems to be a true BCH supporter and therefore very bullish, his prediction for the price of BCH is $5143 by next December. Yesterday this forecast was less positive, and in fact was $2000 lower. Evidently, today’s new highs have raised the bar.
In contrast, less optimistic is the Digital Coin Price site which assumes that BCH will end the year with a value just above $2,000.
The period looks very positive for Bitcoin Cash, and in fact even the famous CNN magazine dedicated an optimistic article to the cryptocurrency earlier today.
