While the crypto market has experienced a slowdown over the last 24 hours, Bitcoin Cash has fared as a top performer, pumping to highs of 5%. The coin has also seen a 17% uptick this week, sparking interest in the reason behind the pump.
Meanwhile, the new crypto Bitcoin Minetrix is also seeing a growing interest as its presale nears $11 million.
BCH Catapulted By Strong Bitcoin Performance and Anticipated Hashrate Growth
Bitcoin Cash emerged in 2017 as a Bitcoin fork, offering a higher block size, translating to faster and lower-cost transactions.
This week, Bitcoin Cash has experienced significant bullish momentum, spared by Bitcoin’s strong performance. Given its relation to BTC, Bitcoin Cash tends to mimic Bitcoin’s price, albeit with more volatility.
But its recent outperformance is particularly notable, pumping 5% today while Bitcoin is down 0.69%.
From the outside, it is not immediately obvious why Bitcoin Cash is outperforming Bitcoin.
However, exploring insights from the Bitcoin Cash community reveals a budding excitement regarding the project’s hashrate. The narrative is relatively grassroots, unnoticed by prominent industry analysts or KOLs.
Data from 2miners shows that the network’s hash rate almost doubled yesterday, and after a brief pullback, it seems to be on the rise again.
Hashrate measures the collective computational power competing to validate the network’s transactions, which translates to the network’s security. Bitcoin Cash has been criticized for its low hashrate before, which resulted in a 51% attack in 2019.
But the rising hash rate indicates improving security, rendering Bitcoin Cash a more viable Bitcoin alternative.
One Bitcoin Cash community member recently highlighted the rising hashrate and anticipated a trend continuation following the Bitcoin halving.
“Hashrate is as big as when $BCH was $1,500. After the halving, all old BTC miners that are not profitable anymore WILL switch to Bitcoin Cash. All they need is to push the price to around $500, and all old BTC miners are fine. The price was suppressed to save BTC miners,” wrote L1 or nothing.
Meanwhile, DavidShares outlined numerous perceived advantages of Bitcoin Cash over its legacy counterpart, potentially adding to the recent momentum.
Some of the factors that David outlined include low fees and “all the original attributes of Bitcoin.”
With the Bitcoin halving just two months away and historical data pointing to another bull rally, traders may also be buying the Bitcoin-related crypto to outperform the market leader.
Another project undergoing a similar fate is Bitcoin Minetrix. It is a revolutionary cloud mining protocol currently experiencing immense presale success.
Trending Bitcoin Minetrix Presale Nears $11M and Backed to 10X
Bitcoin Minetrix is a cloud mining protocol that leverages a Stake-to-Mine mechanism. Its unique problem-solving approach has spotlighted the project, pushing its presale toward $11 million total raised, so far.
The current Bitcoin Minetrix price is $0.0134, but this will incrementally rise throughout the presale, with the next increase occurring in just under three days.
Bitcoin Minetrix works by users staking $BTCMTX tokens on its Ethereum-based platform for Bitcoin mining credits. They can then burn these credits for cloud mining power, translating to free BTC.
The process offers an effortless way to mine Bitcoin, free of the usual complexities and high upfront costs.
Consequently, Bitcoin Minetrix provides real value to the mining industry, a factor that has not gone unnoticed among analysts.
In a recent YouTube video, Jacob Bury dubbed the project the “Next to 10x potential crypto.”
The allure of passive Bitcoin rewards is a significant driver, particularly given its timely proximity to the halving and its knock-on effect.
But as well as BTC rewards, users will also earn a supplementary $BTCMTX yield, supercharging their gains.
Presale buyers can start staking their tokens immediately. The current staking APY is 63%, but this will decrease as more tokens are staked.
