Crypto Investment Firm Founder Gets Bullish On Bitcoin Cash

Alfred Osborne
April 21, 2018

Antpool, the mining pool operated by Bitmain Technologies, yesterday made the announcement that it is "burning" 12% of the transaction fees it receives from mining each block of Bitcoin Cash (BCH).

Bitcoin Cash continued to perform exceptionally well, shooting up to $960 level and getting ready to test the $1,000 mark anytime soon. Currently, it is 80% higher.

EOS is up the most of the top ten coins, around 3 percent over a 24 hour period and trading for around $10.63 to press time.

While the scheduled hard fork may have provided support in recent days, a material shift in market sentiment has been the key driver, with similar gains being seen elsewhere, the only laggard being Bitcoin. The Reddit community for Bitcoin Cash is /r/Bitcoincash and the currency's Github account can be viewed here. Going off the fibonacci numbers, we would like to see a second rally of support pick back up off the 0.786 level and take the asset beyond the 0.5 fib level at 17,000 Sats, which sits just above the strong resistance at 16,400 Sats, where we're likely to see some early selling pressure.

The slight pull-back at the day's end will be of little concern, investors enjoying another day of support levels being left untested, with Bitcoin Cash having surged a whopping 43.8% Monday through Friday.

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And this goal was achieved thanks to using 8MB blocks for Bitcoin Cash instead of the 1MB blocks that were used by the more widely-known traditional Bitcoin.

We will be covering more about the bitcoin price watch analysis as well as Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), IOTA, Stellar (XLM), Cardano (ADA) and EOS. And one more peculiarity that is highly estimated by miners is that BCH platform is considered to be much more user-friendly.

The upcoming fork will also add or reactivate several operation codes, this according to James Song, founder, and CEO of blockchain startup ExsulCoin, will allow simple smart contracts to be enacted on Bitcoin Cash.

As it is often with Bitcoin, traders are citing multiple reasons for the recovery.

The new features that Bitcoin Cash offers are, on chain scalability, new transaction signatures, new difficulty adjustment algorithm, decentralized development. "If we do that right we can set off the entire industry", hopes Bitbox developer Carlos Cardona.

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