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Amid the crypto sell-off these days, Bitcoin Cash is the only cryptocurrency out of the biggest five by market cap to be “in green” on Thursday. Bitcoin, Ethereum, Ripple and Cardano are all losing some of their value, after noting high volatility of ups, downs and some stability just two days ago.
Bitcoin Cash, on the other hand, is putting a smile on investors who have it. The crypto is up with 23%. The digital currency is now more than $500 above its 2018 low of $764, but is still way below its peak. Bitcoin cash peaked at $4,053 in December and started 2018 with a price tag of more than $2,000, reported The Motley Fool. However, for the rapid price increase of 23% there are certain Bitcoin Cash-specific reasons.
First, in order to improve the Bitcoin Cash cryptocurrency, two new BUIPs (bitcoin unlimited improvement proposals) have been submitted. The major benefit of this improvement will be that the proposals will enable users to educate themselves on how to receive Bitcoin Cash if they were entitled to it. Bitcoin Cash was “born” from Bitcoin, but most of the Bitcoin-investors did not manage to receive the new currency to which they were entitled to. So, the BUIPs will bring more clarity and ease to the Bitcoin Cash holders.
The other big reason for Bitcoin Cash price increase is that another proposal that is yet to be submitted, seeks to generate a warning system to prevent “double-spend” of Bitcoin Cash tokens. This problem has been rising constantly since the creation of the currency and the new proposal may seriously contribute to the “wellbeing” of Bitcoin Cash investors, who do not like “double-spending” their tokens for one transactions only.
While Bitcoin is under fire these days, because of regulations, Bitcoin Cash is doing just fine. The price is expected to increase further, as more improvements are incorporated into the digital currency.