Bitcoin Cash (BCH) is a cryptocurrency that was created and launched to bring decentralization back to cryptocurrency. It is the result of a 2017 Bitcoin "hard fork," which occurs when an existing blockchain splits into two. Bitcoin Cash allows a greater number of transactions in a single block than Bitcoin, which should lower fees and transaction times.

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Why is 'Bitcoin Cash' the Term of the Day?

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The last week has not been kind to the cryptocurrency market, with centralized crypto exchange FTX’s collapse sending shockwaves through the market, and prices of major coins dropping significantly from their previous support levels.

However, there are still some bright spots in the market and cryptocurrencies to watch this week, including Bitcoin Cash (BCH). Its hash rate spiked by 30%, and its mining difficulty hit 9%. The hash rate determines how much computational power is being used to mine crypto on a network, while mining difficulty measures how difficult it is to mine a block.

Social media sentiment tracked by LunarCrush indicates recent mentions of BCH also rose and sentiment surrounding the project has been positive. The increase in mining difficulty and hash rate could be a contributing factor to the shift. Over the weekend, Saint Kitts and Nevis prime minister Terrance Drew also said at a conference that Bitcoin Cash could become legal tender in the Caribbean country by March. The price of Bitcoin Cash traded above $103 yesterday.

-Vinamrata

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