Cue the music. Bitcoin Cash is punching above $1,000 once more, with strong bullish momentum that saw it surge by a whopping 61% in the last few days. Its price peaked at $1,477 but has since experienced some pullbacks and has been trading at around $1,400.

Bitcoin Cash’s performance appears to be subdued during the 2021 crypto bull run compared to the last major bull run in 2017. It came nowhere close to its previous all-time high of $3,721, which it achieved in 2017, despite Bitcoin’s price’s new ATH tripling its 2017 high.

BCH’s huge surge on Wednesday marked the second time it broke through the $1,200 price level in 2021. Previous attempts to surge above $1,000 were quickly subdued, but this time the price rallied well into $1,400, with the bullish momentum supported by a crossing above the 7-day moving average.

Upgrade ahead

Bitcoin Cash’s impressive gains this week come on the heels of an upcoming upgrade scheduled to take place on May 15. The upgrade will introduce two significant but minor changes. A Bitcoin Cash block is made every 10 minutes with a 50 transactions unconfirmed chain limit. The upcoming Bitcoin Cash upgrade will eliminate the limit.

The upcoming improvement will also enable multiple “OP_RETURN” outputs, an upgrade from the current one “OP_RETURN” output. This means the Bitcoin Cash blockchain will facilitate multiple data pieces such as text and images, thus expanding on the current limit.

What does the upgrade mean for Bitcoin Cash and its performance?

The changes will pave the way for more volume usage for the Bitcoin Cash blockchain while also making it friendlier for other uses like non-fungible tokens. The expansion will be favorable to app developers and businesses which have been requesting such features for some time. It is still unclear whether the changes will make BCH more appealing to investors, but a more flexible network might have that effect. 

In a conversation with Stefan Rust, Ex CEO of Bitcoin.com and founder of Sonic Capital, he said: “Innovation is happening on BCH with EVM-compatible and smartBCH, plus NFTs are coming to BCH, along with faster transactions and super low costs. This is creating awareness among major player in crypto and generally across industries.”

When we asked Roger Ver for his view on BCH, he said: “Bitcoin Cash is what I started working on in 2011. BCH is a store of value, and a medium of exchange. BTC is now something other than Bitcoin and is no longer interesting to me.”

The latest news about the upgrade and Bitcoin Cash’s sudden price surge is already fueling speculation about whether it is finally time for the cryptocurrency to tap into its missed bullish potential. If that is the case, we might be in for an interesting ride, and according to our sources, if you are holding onto BCH, keep holding, as more interesting news is on the way for Bitcoin Cash.