The crypto market is showing a strong rebound today, with the total market value increasing by a huge 6%, reaching $1.13 trillion. Bitcoin Cash (BCH) is the altcoin that is benefiting the most from the growth, surging as much as 24% in the last 24 hours to $131.99.
Bitcoin Cash has undergone a remarkable transformation. The cryptocurrency has achieved its largest daily increase in more than a month today. This increase has enabled Bitcoin Cash to recover from its previous losses and gain 12.34% in the last 30 days.
BCH’s Community is an Interesting One
Bitcoin Cash stands out among other digital currencies because its main use case is payments. This has led to a rapid increase in its adoption in the last few months. Data from CoinMarketCap shows that the BCH transaction count, which reflects its trading volume, rose sharply overnight. Among the top altcoins, Bitcoin Cash has experienced the highest increase in trading, with more than 400% growth.
One of the reasons behind the current surge in Bitcoin Cash’s value is the successful implementation of some important features in the protocol a few weeks ago. It was reported that the Bitcoin Cash protocol underwent a significant upgrade that was activated last month.
The main feature of the upgrade was the introduction of CashTokens, a new protocol that allows for tokenization on the UTXO system at the Layer 1 level. CashTokens are different from other tokens such as ERC-20 on Ethereum because they are more scalable, cheaper, and secure.
CashTokens use a covenant mechanism to control the creation and transfer of tokens and to prevent issues such as double-spending and unauthorized access. CashTokens can enable various applications on Bitcoin Cash, such as identity tokens, depository covenants, and voting systems.
The upgrade led to a significant increase in the price, demonstrating the adaptability and potential of the Bitcoin Cash protocol. This protocol is a fork of the original Bitcoin protocol that allows larger network block sizes and faster transactions. It also has a different hash algorithm and a new algorithm to ensure the stability of the blockchain functions.