Bitcoin Cash has delivered impressive results for its investors this year, this is despite experiencing a decline from its peak price of $300.
Bitcoin Cash has achieved a stellar half-year performance, posting a return of over 200% this compares to Bitcoin which has recorded an 85% gain year-to-date.
Investor interest in this asset class has likely grown due to technical advancements in the protocol and the establishment of a framework for decentralized applications (dApps).
At the time of writing, Bitcoin Cash had a market value of $5.5 billion and was trading at $281, marking a 28% increase over the previous week.
Bitcoin Cash offers faster and more cost-effective transactions compared to Bitcoin, positioning it as a viable option for regular transactions rather than solely serving as a store of value like Bitcoin.
However, this trade-off requires additional data storage for miners.
Following the launch of EDX Markets on June 20, with support from Fidelity, Charles Schwab, and Citadel, Bitcoin Cash became one of only four coins eligible for trading on the exchange.
This development has contributed to the rapid rise of this 14th most valuable cryptocurrency.
EDX Markets initially decided to offer trading for Bitcoin Cash, Bitcoin, Ethereum, and Litecoin, as these cryptocurrencies are accepted by the U.S. Securities and Exchange Commission.
Additionally, data reveals a 33% increase in the amount of Bitcoin Cash held by traders or wallets for a duration of less than a month over the last 30 days.
Bitcoin Cash was created by Bitcoin miners and developers who had concerns about the cryptocurrency’s future and its scalability. They disagreed with the implementation of the Segregated Witness system.
Bitcoin Cash operates on its own blockchain with distinct specifications. One significant difference from Bitcoin is its adjustable difficulty levels, which ensure the survival of the chain and enhance transaction verification speed regardless of the number of supporting miners.
Bitcoin Cash has also increased the block size to 8MB to expedite the verification process.
Meanwhile, Bitcoin started the Tuesday trading day in London above the $31K mark. The world’s flagship cryptocurrency experienced a rally after several prospective Bitcoin ETF issuers refiled their applications.
The efforts to revive spot Bitcoin ETF applications are fueling enthusiasm for Bitcoin.
Bitcoin’s dominant position in the crypto market continues to grow, with its market valuation representing almost half of the industry’s $1.2 trillion total.
This dominant position has persisted for over two years.
