Bitcoin Cash is the most famous hard fork of Bitcoin but just like almost every other coin in the industry, the price of Bitcoin Cash has been in a struggle lately. Between May and now, Bitcoin Cash has fallen from $1,800 to $840.47 representing more than half of its total value within the time. Within the last 24 hours alone, there has been a 3.5% fall in price on the Bitcoin Cash to USD trading pair but the Bitcoin Cash to Bitcoin trading pair hasn’t suffered as much.
Bitcoin Cash Price Analysis
At the time of writing, the total market capitalization for Bitcoin Cash was about $14,445,093,886 USD and the daily trading volume recorded was $321,443,000. Bitcoin Cash is still the fourth largest cryptocurrency on the list of cryptocurrencies.
On the plus side, BCH is making plans to introduce a new protocol that will improve scaling and boost the functionality of the network. The project includes Amaury Séchet, Lokad’s Joannes Vermorel, and Thomas van der Wansem of Bitcrust who published a paper about the new protocol – the CTOR protocol.
According to the paper:
“The protocol will allow the production of compact proof of transactions increasing the capacity of chainless apps. It also gives the Bitcoin users more control over their block transaction.”
The CTOR is an acronym for Canonical Transaction Ordering Rule and it was made to replace the initial program known as TTOR.
During a conference, Amaury Séchet explained that the block interval for Bitcoin Cash that will be programmed to work for a minimum of 2 minutes. It will give the miners ample time to validate transactions and include them in the ledger. Thanks to the innovation, Bitcoin Cash will be able to reach transaction throughputs that are far better that the throughput of competing platforms.
The community of Bitcoin Cash enthusiasts is excited about the new case users of the platform. Hopefully, when the storm in the industry is over, Bitcoin Cash will recover its gains.