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Bitcoin Cash (BCH) up 8%, Is This Growth Connected to Bitcoin?

Tue, 05/09/2023 - 16:00
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Godfrey Benjamin
Bitcoin's network congestion appears to be responsible for growth of Bitcoin Cash (BCH)
Bitcoin Cash (BCH) up 8%, Is This Growth Connected to Bitcoin?
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Bitcoin Cash (BCH) appears to be rising from the ashes today following its 8.24% growth over the past 24 hours. With its current performance, the cryptocurrency has pared off all losses it has taken on over the past week and is now up 2.74% within that time frame.

The cryptocurrency has been on the sidelines since the start of the year as investors' focus has shifted to other competing payment chains like Litecoin (LTC). The recovery BCH is printing at this time can be attributed to the current mishap the Bitcoin blockchain is facing at the moment.

With the growth of Bitcoin ordinals, there has been significant transaction growth and congestion on the BTC blockchain. This congestion has fueled the cost of transactions that made the network largely unusable over the past weekend.

With the need to move funds in the new economy that crypto has ushered in, it appears that investors are shifting their focus to a closer relative of Bitcoin. Bitcoin Cash fits this profile, seeing as it is a fork of the Bitcoin blockchain. The BCH coin is even tipped as a faster and cheaper alternative to Bitcoin for transactions.

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Is BCH's growth here to stay?

Over the past 24 hours, the traded volume of the Bitcoin Cash token has soared by 10.46%, confirmation that the growth is backed by actual interest in and trading of the coin. The apparent source of the growth as defined is the surge of Bitcoin Ordinals, which are notably in their foundational stages.

For what it's worth, the crypto world may see the emergence of more Ordinals inscribed on the Bitcoin blockchain in the near future, thus sustaining the underlying cause of the congestion. This creates more unique opportunities for BCH, and we can see sustained protocol use, even if the price growth is reversed.

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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.