Bitcoin Cash Expected To Knock Bitcoin Off The Top Spot Anytime Soon

423

Most of the crypto investors around the globe have their eyes fixed on the performance of the Bitcoin Cash hard fork. A lot of arguments have been launched recently with quite a significant number of people saying that Bitcoin Cash has what it takes to knock Bitcoin off the top spot. That is a matter that we will just have to wait and see.

Performance of the crypto

On Monday, Bitcoin closed the day with just a 0.18% fall and it is crucial to mention that on Sunday it gained by almost 2.49%. The final figure was $8,667.6. An early morning sell-off witnessed the crypto pullback through the 23.6% FIB Retracement Level eventually closing at an intraday high $8,884.5.

The upgrade

It was sometime back that several BCH developers held a meeting in London and it was there that they settled on May 15th as the date to conduct an upgrade. There will be the establishment of two separate chains and only one of them will be associated with economic value.

A person well conversant with the mattes but who wanted his identity kept anonymous for reasons best know to him said that the old chain was going to become obsolete. That implies that it would no longer be acceptable in all the crypto exchanges.

The word “hard fork” refers to the fact that at some point there was some sort of disagreement in the community and there might have been issues resolving them. The BCH community has settled for the word “upgrade” to describe what will be happening on May 15th.There will be the incorporation of the latest features to the protocol and thus the term is quite befitting.

A lot of people are eager to learn about what the proposed changes will be all about. The holders of BCH should expect an upgrade that will support messages with over 75 characters.

Monday’s run at $9,000 levels is expected to inspire a sense of great comfort among investors who have been harboring fears over the material reversal of the Bitcoin Cash hard fork.