Bitcoin Cash was formed after a fork in Bitcoin. Ever since then it has grown in value tremendously. This is the reason why many investors are trying to figure out if indeed, it would increase once again or whether the amount of Bitcoin cash would languish around these levels for an extended period. Lately, the Bitcoin Cash (BCH) network went through an upgrade. Sadly, the upgrade didn’t go well. The update resulted in a complicated battle, which led to a split in the BCH blockchain. The blockchain of BCH has separated into fractions, with BCH SV in one side and BCH ABC at the other edge. This has also had a negative influence on the crypto market, according to some examiners. The value of BCH is down, and it has also influenced other coins in the business.
What Is Bitcoin Cash (BCH)?
Bitcoin Cash is crypto that was created as a consequence of a hard fork of the Bitcoin blockchain on August 1st, 2017, at block 478558. Anyone who held bitcoin at the moment of the fork became an owner of an equal crypto value of bitcoin cash. Bitcoin Cash was built to overcome two of the significant challenges being faced by Bitcoin- Scalability- by expanding the “block size,” BCH can process a higher amount of transactions per second when related to Bitcoin. The other factor is Transaction Fee- Bitcoin’s transaction fee is approximately $1.31, whereas it is around $0.125 for BCH.
For miners, Bitcoin Cash is much more profitable than Bitcoin, so if this prompts for more miners to shift from BTC to BCH, then this could lead to a further increase for BCH. Just like its parent coin, BCH encountered an exponential boost in growth in 2017. Justifying the critical community’s prediction, Bitcoin Cash has started swiftly making its way to the top and managed to reach significant cost milestones. The coin was launched at the value of $250, and the next day, it already cost $651 per coin. By the midpoint of the month, it already cost $900.
Bitcoin Cash price analysis
There was a substantial upward move above the $170 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair broke the key $185 resistance to moving into a positive zone. There was a proper break above the 76.4% Fib retracement level of the last slide from the $209 high to $146 swing low. The price spiked above the $200 resistance and traded towards the $209 high.
A new intraday high was formed at $206, and later the price started a downside correction. It declined heavily and trimmed gains below $200 and $185. There was a break below the $180 level and the 100 hourly simple moving average. Moreover, the price breached the 50% Fib retracement level of the last wave from the $146 low to $206 high. On the downside, there is decent support formed near $170. Besides, there is a significant bullish trend line formed with help at $170 on the hourly chart of the BCH/USD pair.
How High Can The Price Of BCH Go?
The steady growth of BCH since its entry into the market has seen the platform continue to come up with innovative solutions to meet the demands of the modern consumer. This alone has seen the platform generate a lot of interest from investors and no wonder the current infighting that will see the platform hard fork before the end of the month. The projections are if the coin performs at this pace, the digital coin will go high up to $230.
Bitcoin Cash (BCH) Splits into Three Fractions
As part of registered protocol upgrades, hard forks are implemented on the network of BCH two times in a year. However, the last upgrade that was assumed to take place on the 15th of November was obstructed. As a result of the disruption, there was a separation in the BCH community. The results of the division are Bitcoin ABC, Bitcoin SV, and Bitcoin Unlimited.
Bitcoin Cash Fork Can Hit $1 Million?
According to previous Reddit crypto lead-turned-entrepreneur Ryan X. Charles, there are only pair possibilities for the future of Bitcoin, especially Bitcoin Cash-spinoff Bitcoin SV — it goes to astronomical highs, or it runs to zero. To illustrate his point, declared the following tweet on Friday. It seems he has chosen that of the two networks that came out of the BCH hard fork, he’s on the side of Bitcoin SV (BSV).
After the hard fork became inevitable and Binance and Bitcoin.com making their plans of backing BCH, the coins’ values have surged to a double-digit before falling to a single digit a day after the statement. At the time of reporting, the Bitcoin Cash (BCH) price was quoting at $183.31 after gaining 1.09% to the green buck and 2.30% to bitcoin. The coin remains the 4th largest by market cap, a position it has been hanging on firmly for the better part of the year slightly behind Ripples’ XRP and ahead of EOS.
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