This particular altcoin, which is introducing an update today enabling token issuance on its network, is experiencing a rise in its value.
The price of the altcoin Bitcoin Cash (BCH) has increased by up to 6% prior to its anticipated update. This update will enable developers to create tokens on the network, along with other enhancements.
Bitcoin Cash (BCH) prices surge before ‘CashTokens’ upgrade:
The scheduled hard fork is set to happen today at noon. A hard fork is a type of upgrade made to a blockchain network.
Bitcoin Cash Chart
Bitcoin Cash’s May hard fork aims to enhance security and privacy on the network and introduce “CashTokens” for decentralized applications, as stated by the developers.
The upcoming Bitcoin Cash hard fork includes various improvements such as reducing transaction sizes to make transactions faster, adding smart contract functionality for creating Bitcoin Cash-based apps, and enabling features like recurring payments, derivatives trading, and crowdfunding for Bitcoin Cash users.
Recently, there has been a lot of interest in tokens created on the Bitcoin network. Developers can now easily issue tokens and create decentralized finance (DeFi) applications directly on Bitcoin. As a result, there has been a rise in the creation of digital artworks and meme tokens on the Bitcoin platform in recent weeks.
According to OrdSpace, a platform that monitors BRC-20 data, there are currently over 11,000 tokens available for trading on the Bitcoin network. At the beginning of the week, the combined value of these tokens was $1.5 billion, but it has since dropped to $500 million.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.