Why is BTC Rising and Falling (Why is BTC Soaring)?

08/10/2023 03:44 • Tech Ticker • 98 views

Why is BTC rising and falling? Why is Bitcoin Cash (BCH) rising and falling? Why are prices going up? The circulation of Bitcoin Cash is 21 million coins. Bitcoin has increased by over 11,000 times in the past 5 years. Recently, Bitcoin transaction fees reached an all-time high. Bitcoin Cash is one of the most active, decentralized, and transparent networks in the world. In the past few months, the price of Bitcoin Cash has risen from $3 to about $7.

According to Bitcoincash.org, the market value of Bitcoin Cash reached $488 million by the end of 2018. This means that Bitcoin Cash currently accounts for more than 5% of the total supply, so its value is rapidly increasing, and it is now being considered as a hedge tool by some investors.

Why is BTC soaring?

Editor’s Note: This article is a authorized reprint from Odaily Star Daily.

According to btc.com market data monitoring, Bitcoin Cash (BCH) price broke through the $5 mark in the early hours of today and continued to rise, with an increase of about 10% before the publication deadline. According to data from Binance Research, Bitcoin Cash (BSV), currently ranked second in market capitalization, skyrocketed by nearly 100% in less than 24 hours. Why is it so strong? First, it can be compared with BTC, LTC, and other mainstream currencies. Second, it can solve trust issues in the blockchain industry as a store of value and medium of exchange.

Second, it is to create more application scenarios. For example, when people use the Internet, you may think it is cool, but if you have to use a mobile phone, then this thing should be a joke.

Third, BitcoinCash (Btc) is the first DeFi project in the Ethereum ecosystem. One of the founders, GavinWood, said, “We believe that the common goal of all participants in the Ethereum ecosystem is decentralization. Therefore, whether you are a developer or an investor, you need to know what resources you have.” Another thing worth noting is that Btc also has its own anonymity. Since Btc does not have legal asset attributes, it has no practical use and cannot guarantee the security of users holding its encrypted digital assets because it is issued based on the Ethereum network, and it is not a security. Moreover, to prevent hacker attacks or fraud, they created a tool called “TrustWallet” that allows everyone to easily access the wallet on Btc through a secure wallet and transfer these funds to their own wallet address.

Fourth, it can bring some new innovations to the blockchain industry, such as improving transparency, efficiency, and security for financial institutions. “TrustWallet” is an open-source software platform under Bitdeer, aiming to provide a trusted and open third-party hosting solution and allow enterprises to build various products and services on it. Additionally, it can be used for smart contract development, deployment, and maintenance, such as building DApps on the Ethereum chain. “TrustWallet” supports running nodes on different public chains, including Bitcoin, Ethereum Classic, Litecoin, etc.

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Why is BTC Rising and Falling (Why is BTC Soaring)?

Why is BTC soaring?

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