BITCOIN Cash’s price has skyrocketed over 50 per cent in a week as a cryptocurrency expert issued the virtual money with a market warning that could see its values decline in the future, it has emerged.
By JOSEPH CAREY
PUBLISHED: 03:01, Sat, Apr 21, 2018
UPDATED: 03:16, Sat, Apr 21, 2018
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Despite investors in the cryptocurrency having a good week as values soared, analyst Sebastiao Coelho declared that a huge change is required on virtual markets for “mass adoption to occur”.
He stated: "Before we see mass adoption of cryptocurrencies, we need to see a significant reduction in the time it takes to process transactions.”
Mr Coelho’s warning suggests that Bitcoin Cash needs to ensure that it adapts to market trends and needs in order to flourish as a cryptocurrency in the future.
This means that if Bitcoin Cash fails to adapt, it could ultimately see its prices decline.
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The comments come after Bitcoin Cash’s value climbed by 52.36 per cent in the last seven days.
The sharp rise marks a price increase of $393.22 in the last week.
Bitcoin Cash is currently trading at $1,144.26 at the time of writing.
James Song, the founder and CEO of the ExsulCoin blockchain startup, explained that “market excitement” is present around Bitcoin Cash because it possesses the technology to change alluded to by Mr Coelho.
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Mr Song declared: “Smart contracts will be possible on the Bitcoin Cash blockchain.
"This particular bit of news is what is driving market excitement around Bitcoin Cash."
A period dubbed a “hard fork” in the market is approaching thanks to new operation codes and faster transactions for the virtual money.
Bitcoin Cash was created to satisfy those who felt the technology behind Bitcoin was ageing and would not allow it to adopt new technologies in the future.
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The cryptocurrency has previously upgraded its block size from 1MB to 8MB - the increase has allowed for transaction speeds to be slashed.
An update is set to take place on May 15 that will cause the currency’s block to increase to 32MB.
This upgrade appears to have caused excitement in investors and could be a reason behind Bitcoin Cash’s recent price hike.
Bitcoin Cash
Getty
Bitcoin Cash reached its highest prices back in December when it reached whopping values of $3,421.4
Bitcoin Cash
Getty
An update is set to take place on May 15 that will cause the currency’s block to increase to 32MB
Bitcoin Cash reached its highest prices back in December when it reached whopping values of $3,421.45.
Over the last year the virtual money has climbed by $654.73 in price.
This marks an increase of 149.05 per cent.
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