Bitcoin Cash Price Index – Real-time BCH rate
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Bitcoin Cash Price Summary
In a clear show of determination to break into a full-fledged bull trend, Bitcoin Cash (BCH) touched $233 at the end of the week ended on Friday, September 18. Five days before that, BCH price was 4% lower at $224. But the cryptocurrency’s price was 1.79% down at the time of writing. Nonetheless, $224 remains an important psychological support for BCH going forward.
As the global capital markets have encountered intense gyrations in the recent past, more investors are considering migrating a substantial amount of their wealth into the cryptoverse. That is why you will notice that Bitcoin Cash price touched this year’s all-time point of $499 in mid-February. Incidentally, this was the same time that the S&P 500 descended into a decline that would see the index shave off close to 34% of its value.
But the situation seems to have reverted as governments stepped in to steady the economy. Since March, the S&P 500 has risen from the bottom to peak at record levels twice. Meanwhile, BCH has remained largely undecided in terms of direction as it gyrated about $240. This just shows the extent to which the cryptocurrency market and particularly the BCH market is volatile. If you keep abreast of BCH price evolution, then you would be better prepared to exploit the price gyrations.
Bitcoin Cash Price History
A hard fork of the Bitcoin blockchain network created Bitcoin Cash on August 1, 2017. The fork was a conclusion of a philosophical battle among the core development team that maintained the Bitcoin Network. Specifically, the developers could not agree on how to increase the speed of transactions on the Bitcoin Network.
One camp, led by Roger Ver, advocated for increasing the block size of Bitcoin, which would increase its flexibility but a group of diehards were immovable on this issue. Instead, the opposing camp advocated for the implementation of a protocol called Segregated Witness (SegWit) to deal with the transaction speed issue. Eventually, Roger and company created a new digital currency which, as you can guess, was called Bitcoin Cash.
Because BCH is a derivative of the Bitcoin source code, the coins are similar in all but one aspect, the block size. Bigger block size means one block packs more transactions than its predecessor. This also means developers can easily scale a network to handle a bigger workload than its parent network.
At the point of the hard fork, BCH price was at $754. However, uncertainty over the strength and viability of the coin led to a slight decline such that the unit price of BCH was $323 by October 2017. Be that as it may, investors were convinced that the general growth of the cryptoverse would lift the value of BCH. That is why the digital currency gained 908% between October and December 17, 2017. But this honeymoon was short-lived as the entire cryptoverse collapsed almost to its knees from early January to April 2018.
Apart from the troubles engulfing the cryptoverse, BCH was undergoing its own tribulations. Disagreements within the core development team were about to rip the digital currency apart hence undermining its price. On November 15, 2018, Craig Wright led a team of renegades to create Bitcoin SV – the SV standing for Satoshi Vision. The remainder of BCH network was called Bitcoin Cash ABC but it retained the title Bitcoin Cash. Because of the fork, BCH price crashed by 80% to $77 by December 9, 2018, a record low.
All through the tribulations, BCH has had strong support from Bitmain. Bitmain is one of the largest manufacturers of crypto mining equipment hence a major stakeholder in the ecosystem. Because of this support, BCH has remained more attractive relative to Bitcoin SV.
Bitcoin Cash Price Prediction
It is no longer a secret that cryptocurrency is a viable alternative to traditional investment vehicles. For example, investors have shown a solid trend of shifting to cryptocurrency when the securities market is in trouble. To illustrate this point, let us consider the performance of the S&P 500 vis a vis BCH in the past one year.
From September to early October 2019, both the United States and China instituted the toughest tariffs yet in the long-running trade war. Specifically, the US slapped a 30% tariff on Chinese goods worth $250 billion and a 15% tariff on $300 billion worth of goods from China. In retaliation, China announced it would put in place tariffs of 20-25% and 5-10% on US goods worth $110 billion and $75 billion respectively. This led to a 4% dip in the S&P 500.
Figure 1: S&P 500 1 Year Price Chart
Meanwhile, investors shifted money to cryptocurrency. During this time, BCH price gained by 45% to $306. Notice that while the S&P 500 declined sharply due to the fears of a massive recession due to the COVID-19 pandemic, the price of BCH climbed to this year’s record level. This relationship confirms that investors shift wealth from the traditional investment vehicles into cryptoverse in anticipation of a recession.
Figure 2: BCH 1 Year Price Chart
Therefore, to predict BCH price demands that one casts a keen eye on the happenings in the traditional investment market. Although the S&P 500 gained after government intervention, no one can say with certainty that this upward march is sustainable. Already, the index has shown the intention of closing the year in a bear market. Because the gain was purely based on government support, the traditional investment vehicles will continue to lose value as the support wanes. Logically, one should expect cryptocurrencies such BCH and others to close the year on a high. The market could possibly see new highs before year-end 2020.
Expert Tip on the Price of BCH
BCH continues to struggle in a bid for stability since the most recent fork. This could not have happened at a worse time because the entire cryptosphere was ailing. The price of BCH has been at the bottom for long but recent movements show that it might have completed the trough. To help with identifying the most probable entry point, Fibonacci levels indicator combined with Ichimoku are a great companion.
About Bitcoin Cash
Bitcoin Cash rose from a feud among Bitcoin Core developers where the creators envisioned a network that is highly scalable. This would enable the digital currency to attain the initial dream of Satoshi Nakamoto, which was to create a coin that is useful in transactions. The bigger block size of BCH makes it more viable for transactions in the real world because of the high transaction per second (tps) rate.
This digital currency does not differ from Bitcoin in terms of future value because its supply is capped at 21 million tokens, just like Bitcoin. As such, inflation is not something investors should worry about. In addition, new coins are subject to the Proof of Work (PoW) consensus protocol. Like Bitcoin, the use case of BCH is to provide payment solutions but at a faster rate.
Because of the continued unreliability of fiat currency, there is a possibility that the world could give a hard look at BCH and possibly adopt it as a mainstream payment system. If this happens, then BCH’s value could explode.
Bitcoin Cash Value Compared to Other Cryptocurrencies
BCH touched the all-time low price of $141.88 year-to-date in March and it has been climbing ever since, save for a few corrections along the way. With a possibility of breaking above the $320 resistance level before the end of the year, chances are that BCH may have bottomed out.
So far, the BCHUSD pair has shown the will to establish new highs more than once. It is difficult to say when the right time to buy will be, but some believe the current economic struggles present a buying opportunity right now.
BCH price volatility is not uncommon in cryptoverse, but it has shown more stability than rivals like Bitcoin (BTC).
The future, especially from the cryptocurrency perspective is unknown. However, one can successfully argue that BCH could be more valuable in future because the fact that it supports faster and more transactions than BTC, makes it more attractive as a payment system. Whichever token that becomes a mainstream payment system will also be the most valuable.
This year has already undergone a major recession that has roiled traditional investment vehicles. If the recession persists, then BCH could become more attractive than it is today. This could make it a great investment. Nonetheless, the digital currency is a good investment this year because chances of a price gain before year-end are positive.
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