The cryptocurrency space has been witnessing a major rally in the last few days that helped bitcoin cash (BCH), a cryptocurrency created in August 2017 through a hard fork of bitcoin (BTC), surge nearly 35% in the last 30 days.
Currently, bitcoin is up by about 10.2% in the last 24-hour period, while BCH is up by 17%. This, as network activity on the flagship cryptocurrency’s network started surging. So much so that according to BitInfoCharts, the average transaction fee is currently at about $2.47.
This could be seeing various bitcoin users turn to BCH, which has 32 MB blocks to accommodate cheaper transactions and follows an on-chain scaling roadmap, and as a result cheaper transaction fees. Per the same data source, average transaction fees on the BCH blockchain are of $0.0047.
Presumably as a result, BCH is the best performing cryptocurrency in the last 24 hours. One BCH is currently trading at $363, up from $260 a month ago, according to CryptoCompare data.
It’s worth noting that last month the cryptocurrency also outshined the wider crypto market rally with a 150% rise in 30 days. After crossing the $300 mark, however, it slowed down and soon after started falling once again.
The cryptocurrency’s price growth has seemingly been accompanied by increased adoption, as data shows BCH transactions per day are up significantly since the start of this year. Some have found, however, that a mysterious address that has been active since April 8 could be responsible for nearly half of the network’s transactions.
BCH’s current performance could also be related to its upcoming May 15 hard fork, which will see it implement Schnorr Signatures, which help optimize its blockchain by improving its capacity and SegWit recovery, which will allow BCH users to recover funds accidentally sent to SegWit addresses.
The cryptocurrency has also, earlier this year, launched an “inexpensive and powerful” tokenization system called the Simple Ledger Protocol. It allows users to launch tokens on the BCH network, in a way similar to the one in which tokens are launched on the Ethereum network.
It’s worth pointing out that while BTC’s blocks have stayed at 1 MB, the cryptocurrency’s developers have implemented SegWit and have been developing its layer-two scaling solution, the Lightning Network, which currently has a capacity of over 1,060 bitcoin ($7.8 million).