Cryptocurrency investors have been suffering a tumultuous ride lately as the markets have dropped significantly. BTC was poised to top $10,000 before sliding to around its current $8,670. Bitcoin Cash (BCH) is also down to around $1,480, losing around 14% of its value in the past 24 hours. However, the markets are starting to climb back up and some are predicting that BCH could soon be among the top three cryptocurrencies.
Despite a decrease in value, Bitcoin Cash has remained relatively stable. BCH currently has a market cap of $25 billion and a circulating supply of more than 17 million. Its decline was only the second least decline among the top 15 cryptocurrencies, all of which saw a 20% or greater drop except BTC and Ethereum (ETH).
Cash Consortium (C2), a technical group seeking to bolster open standard development to bolster BCH growth, described the cryptocurrency as “the soundest money the world has ever known. It has scarcity, fungibility, divisibility, durability, and transferability.” The C2 uses open standards that allow developers to identify bugs and glitches inside the blockchain’s software.
“Bitcoin Cash and Blockchain technology enable financial sovereignty in a way which is unique in history. One of C2’s primary goals is to make these benefits available to all people, whatever their age, gender, nationality or financial status,” according to the C2 website.
The second network upgrade, happening on May 15, is expected to have a major impact on the cryptocurrency’s value. The upgrade is designed to drive down even more the already low transaction fees, as well as speed up the network. Through this event, the block size will be increased to 32MB and certain functionality through OP_Codes that was previously rejected will be introduced. The OP_Codes should supply the greatest amount of strength to BCH’s value, as they will allow smart contract and tokenization capability on the blockchain.
Smart contract capability has been a highlight of Ethereum; through it, thousands of blockchain projects, additional cryptocurrencies and initial coin offerings were initiated. The implementation of smart contracts will put BCH on the same level as ETH. Jimmy Nguyen, CEO of the nChain Group, said, “The restoring of certain OP_Codes in the Bitcoin scripting language will bring advanced technical functionality to the Bitcoin Cash network. In computing, operating codes are the section of automated language which dictates what operation must be performed. The restored OP_Codes will enable tokenization and smart contracts to be executed on the BCH blockchain. More advanced functions will be possible with future upgrades to the Bitcoin Cash network.”