Bitcoin Cash [BCH] at 01:00 UTC was trading at $1823 to a token with an 18% spike in the past 24 hours. BCH has shown a massive 180% growth compared to its price from last month when it was trading at $642. Although trading volumes have increased for all the coins in the top 10, BCH has witnessed a 740% growth in the trading volumes.
According to many from the community, the recent spike in prices is in tandem with the trend of prices hiking just before a fork. The upcoming Hard Fork on May 15th is called Bitcoin ABC and would result in a block size at 32 MB. Bitcoin [BTC] currently has a 1 MB block size which processes ~7 transactions per second and BCH currently has an 8 MB block size.
A recent tweet by the Twitter handle – Bitcoin stirred up a controversy when they said that Bitcoin Cash was “the oldest” cryptocurrency“I owned
$BTC way before $BCH came on the scene. What utter rubbish. @Bitcoin your desperation is so evident and all-encompasing that no-one can view Bitcoin Cash with an ounce of credibility irrespective of how good the technology might have been”
Keifus V, another Twitter user said,“I’m also a relatively new user (Sept ’17) and this sort of childish and blatantly deceptive propoganda is precisely what deterred me from BCH.”
Michael Novogratz, CEO of Galaxy Digital also took a swipe at the tweet saying,“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”
Rahul Sood, founder of Unikrn said,“Wow. You guys are horrible. Your marketing is divisive and dishonest.”
Many from the BCH community argue that Bitcoin Cash [BCH] is better because of its 8 MB block which means it an on-chain scaling solution, unlike Bitcoin’s Lightning Network which would run outside BTC’s blockchain.
Many against “BCH” also say that even if BCH in itself is good, they believe Roger Ver’s attempt at “slandering BTC” and Bitcoin.com’s attempt at misleading people is what push people away from Bitcoin Cash [BCH].