Bitcoin Cash: On Its Way Up or Down?
Bitcoin Cash launched when a hard fork of Bitcoin was created and a group of developers separated from the original Bitcoin team. The new group created their own cryptocurrency. Since then, the BCH to USD trading pair has tested its all-time high, and the coin itself has slowly started building the reputation as a separate crypto. This is in spite of previously heavily relying on having the word “bitcoin” in their name.
In fact, some theories claim that BCH gained initial popularity by misleading beginner buyers that they actually invested in Bitcoin. However, these accusations were mainly from Bitcoin fans who saw BCH as sort of a traitor to the original Bitcoin.
Nevertheless, BCH is still here and advancing. Some significant changes have been conducted, and despite the ups and downs, the market can notice a slow progress. Let’s take a look at how these changes affected BCH and where it stands now.
Where is Bitcoin Cash in Comparison to Bitcoin?
Both Bitcoin and Bitcoin Cash are volatile instruments. Nevertheless, Bitcoin still holds a much higher value in comparison to Bitcoin Cash. At the time of writing this blogpost, buying 1 BTC will cost you a total of 12.19 BCH.
You can also compare the respective cryptocurrencies’ USD-prices. Currently, Bitcoin Cash has a value of approximately USD 500. Meanwhile, one unit of Bitcoin costs on average USD 6,050 (as of July 30).
Apart from the name, however, these two cryptocurrencies do not have much in common today. But they are both cryptocurrencies, and BCH’s price depend heavily on the BTC price. Just like every other crypto right now.
What are the Recent Changes within Bitcoin Cash?
The team behind Bitcoin Cash is doing a great work and there is no doubt about that. Unlike Bitcoin and some of the other forked cryptos, BCH constantly improves its system. The team behind BCH implements new updates often. Furthermore, they continuously make new deals and seek to expand their scope of operation.
Take a look at some of the important pieces of news that has affected BCH positively.
- One of the latest additions was that Fancy, a luxury items shop, added Bitcoin Cash as a possible payment option. Fancy is an e-commerce site that has a high volume of trades and sells only luxurious items.
- The team also launched OP_Codes as they wanted to further improve their Network Platform. This was also done in order to gain attention from the developers who focus on the blockchain. Using OP_Codes, they can now create various types of metadata and implement smart contracts, similar to the ones on Ethereum, but a bit simpler.
- An external factor that affected the spreading of BCH was Cointext.io. It is a company that developed a technology to pay for anything with Bitcoin Cash on any type of mobile phone. This was done via the SMS technology, and was quite revolutionary. They have managed to raise over $600,000 worth in BCH, and the funding round was led by Yeoman’s Capital.
- People who use BCH and like to play video games were positively surprised by the fact that Keys4Coins announced that they will start accepting zero-confirmation transactions. Keys4Coins is an e-store which sells game keys for the people who play online games. However, they do not accept fiat currencies. Accordingly, the introduction of Bitcoin Cash was very welcome in the eyes of the BCH-community.
Bitcoin Cash Price Overview
The market cap for BCH at the moment is approximately USD 8.4 billion approximately. The available circulating supply for this crypto is 17,292,425 BCH, and the maximum supply is 21,000,000 BCH.
The all-time high of Bitcoin Cash happened in December 2017. It was overall the perfect time for cryptos as Bitcoin was also receiving a lot of attention back then. In that period, the price of BCH went up to over $3,000 per unit. But that did not last long as it was a case of typical “hype”.
The period after that saw a decline in the value and continued with the downward trend with occasional spikes in the value every now and then. The lowest price it has since November 2017 is the price it has today (around USD 485).
Bitcoin Cash in the Future
Bitcoin Cash is certainly here to stay for a while, and it is currently ranked as the 4th most popular crypto out there (after Bitcoin, Ethereum and Ripple). Furthermore, the price of a single BCH is in the second place as only Bitcoin is currently more expensive than Bitcoin Cash.
Therefore, the basis for further growth is definitely there, but it is still highly uncertain which way it will go. If we take into account that BCH is both faster and has lower fees than BTC, one would speculate that the price is bound to go up over time. But as we know, the movement of the price of every cryptocurrency can only be a subject to an educated guess – and predictions are almost impossible.
Conclusion
To sum up – yes, Bitcoin Cash is definitely one of the cryptocurrencies putting a lot of effort into upgrades. But the question remains – how will it impact the BCH/USD price? Well, a person who believes in hard work and dedication will probably say that the price will definitely go up for BCH and that it will go over $1,000 again in the near future.
But the cryptos are not all about hard work and dedication, so a simple “nobody knows” would be a proper prediction.
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