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

Wed, 06/21/2023 - 10:47
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Godfrey Benjamin
Bitcoin Cash now flashes biggest jump on market today with 24% overnight rally
Bitcoin Cash (BCH) Jumps 24%, Here's What's Fueling This Recovery
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The crypto market is on a bullish recovery course today, with the combined market cap jumping by a massive 6%, now pegged at $1.13 trillion. Bitcoin Cash (BCH) is by far the altcoin capitalizing on the growth, having soared as high as 24% over the past 24 hours to $131.99.

BCH/USD 1D Chart
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 more than a month. The growth of BCH today has helped it clear the losses it has accrued in the past month and is up 12.34% over the past 30 days.

Bitcoin Cash has an uncommon community as the digital currency's utility is quite defined and confined to payments. It has, thus, seen dramatic adoption over the past few months. According to data from CoinMarketCap, the BCH transaction count, as measured by its trading volume, saw a significant upsurge overnight.

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With a growth of more than 400%, Bitcoin Cash has seen the biggest upsurge in trading the top altcoins.

Setting pace growth

The observable growth in Bitcoin Cash at the moment can be viewed as a function of key innovations that were introduced into the protocol earlier this year. As reported by U.Today, the Bitcoin Cash protocol tipped off a major upgrade that went live last month.

The upgrade was centered on CashToken issuance, which notably enabled "advanced on-chain applications like higher-security vaults, decentralized exchanges and bridged sidechains." These are similar to Ethereum but more scalable and less expensive.

This is the first significant price surge trailing the upgrade, and it showcases how much the Bitcoin Cash protocol can be amenable to innovative and functional strategies for growth.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.