Bitcoin Cash (BCH) Jumps 24%, Here’s What’s Fueling This Recovery

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Godfrey Benjamin

Bitcoin Cash now registers the biggest jump in the market today with a 24% rally overnight

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The crypto market is on a bullish recovery trajectory today, with the combined market cap jumping 6%, now pegged at $1.13 trillion. Bitcoin Cash (BCH) is by far the altcoin capitalizing on the growth, having climbed as much as 24% in the past 24 hours to hit $131.99.

BCH/USD 1D chart. Source: CoinMarketCap

The transformation of Bitcoin Cash is worth mentioning. The current growth action is the biggest daily jump the cryptocurrency has printed in over a month. BCH’s growth today has helped it erase the losses it has accumulated over the past month and is up 12.34% over the past 30 days.

Bitcoin Cash has an uncommon community because the usefulness of digital currency is well defined and limited to payments. It has therefore experienced spectacular adoption in recent months. According to data from CoinMarketCap, the number of BCH transactions, as measured by its trading volume, saw a significant increase overnight.

With a growth of over 400%, Bitcoin Cash has seen the biggest increase in the trading of top altcoins.

Accelerate growth

The observable growth of Bitcoin Cash at present can be seen as a function of the key innovations that were introduced to the protocol earlier this year. As reported by U.Today, the Bitcoin Cash protocol announced a major update which went live last month.

The upgrade centered on CashToken issuance, which notably enabled “advanced on-chain applications like higher-security vaults, decentralized exchanges, and bridged side chains.” These are similar to Ethereum but more scalable and cheaper.

This is the first significant price increase after the upgrade, and it shows how the Bitcoin Cash protocol can lend itself to innovative and functional growth strategies.

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