Bitcoin Cash (Bitcoin.Cash) smashed through $1,000 Friday in the run-up to a new hard fork expected on May 15.
The hard fork of the currency will form Bitcoin ABC, an acronym for Adjustable Blocksize Cap, which will increase Bitcoin Cash's block size to 32 MB, a fourfold increase from the original 8 MB, developers said in a blog post.
In an effort to inform everyone of the upgrade, the team behind Bitcoin ABC said it will contact major exchanges and wallet providers and added that “all assistance in the effort is welcome.”
“You can help by contacting exchanges, wallet providers, and other ecosystem participants, and letting them know they should upgrade their software or run an updated version of Bitcoin ABC or other compatible software,” developers said.
The fourth largest cryptocurrency by market capitalization has gained 14,31% in the past 24 hour hours and is currently trading at around $1,106.
Bitcoin Cash is now up more than 30% in the past week. Bitcoin (Bitcoin), by comparison, is up 5% over that time.
By Siranush Ghazanchyan