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BCH Soar To $1560, 100% Rise In 7 Days

As per data on coinmarketcap, BCH soared from $760 on 16 April to $1560 on 24 April. The doubling of BCH has significantly enlarged its market share. From November 2017 to 23 April, hashrate on BCH has increased almost 5 times while that of BTC increase 190%. It seems that BCH is preferred by miners. According to a report by Lieyun, BCH is outperforming other cryptocurrencies for the following reasons.

1. The hashrate of BCH network soar to 3.015 Ehash/s.
2. Antpool is burning 12% of tx fee collected from BCH mining.
3. Upcoming hardfork in May 15 may bring new features.
4. Colored-coin features may enable asset issuance on BCH.
5. Global acceptance of BCH through GOcoin payment processor.

Hashrate always follow the price movement of BCH. Since BCH has risen from $760 to 1400, it’s natural to see hashrate flux on the network. But the planned hard fork in May may be contributing more to investor’s good intention.

“Very good example of the innovation happening on BCH is memo.cash. After the May 15th planned hard fork, more and more useful applications will be enabled on BCH, using re-enabled OP_codes and enlarged OP_RETURN spaces.”

Memo is like a decentralized weibo/twitter, users pay certain fee to store posts on the BCH network. It’s quite popular among Chinese communities. Not long ago the memo developer claim that disk full triggered site outage.

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BCH holders are expecting the return of Op_codes features may bring eth-like features to the network, thus making it the base currency for more fund raising events.
Antpool send 12% of tx fee collected from the mining to the blackhold address: qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqfnhks603 , which is a cashaddr format that Jihan Wu is promoting recently.

“In a discussion group of BCH, lots of investors concerned about the address confusing problem. BCH community should push every software of ecosystem to upgrade to Cashaddr ASAP.”

So far around 59.28 BCH has been burned, 59 of which is from unknown donator.

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If colored-coin delivered functions as it is described, BCH will be able to host numerous equity certificates, and even tokens representing them. Sun Zeyu, founder of Kushen Wallet, told reporter that BCH is not competing with Bitcoin. It is complementary to Bitcoin system. He also stressed the importance of innovation. If a technology fails to follow the trending of technological development, it will be eliminated.
Wang Yunjia, CEO of Beijing Fengyu Technology, have different idea. He said that Bitcoin is a token of its own. If BCH can accommodate new tokens, which would be a big change. He expressed his suspicions of motives for those developers of smart contract and virtual machine based on BCH.
It seems that the position of BCH is not widely recognized.
He told the reporter that BCH’s upswing may be related to the international situation. The Syrian War, Sino-US trade war and the bearish stock market may have impact on the price. Many people are hedging against risk and invest in cryptocurrency. He also believed that some whales might be manipulating the market.

Yesterday, someone stored a public letter on Ethereum network. Peepeth is another similar app on Ethereum network.

 

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