Altcoins

Is Bitcoin Cash Really Special?

Cannot get beyond the $600 mark, still awaiting bullish momentum

It has been a topsy turvy week for cryptos, to say the least. After hitting a month-long high of $7,389 just on Monday, the BTC fell miles back into rest over just above $6,400. Of course, every other major cryptocurrency is now linked to how BTC performs in the market and it drags with it, most others, when it does.

However, there is one such cryptocurrency that takes some extra attention, even though its performance in the market is nowhere even close to how it should be, or is expected of it to be. That digital asset is the Bitcoin Cash (BCH), Bitcoin’s very own hard fork derivative. It is one of those that have been really touted by the likes of Roger Ver and Dr. Craig S Wright.

So, how does it fare analytically?

BCH has seen a rather stale past month in the market, its been hovering above the $500 mark but not ever above $600. Even during the mixed market that it has been this week, BCH has been broadly flat and most gains were capped off by selling pressures.

At press time, it has just been floating over the $500 mark at $504. Its current market cap is $9.79 billion and shows trading volume over the past 24 hours of $479.28 million. This, while the BTC has fallen considerably in the last 24 hours into the $6,400’s after going beyond the psychologically important $7,000 mark just on Monday.

Name Price 24H (%)
Bitcoin (BTC)
$6,451.93
-12.43%
Bitcoin Cash (BCH)
$504.05
-19.82%

This dip in BCH market price has come between calls for it to be ”dumped” by one and many crypto experts. Talking to BlockPublisher about whether Bitcoin Cash is really special, economist and investor Tuur Demeester shared a rather radical point of view. He said:

It’s not special. I see zero reasons to consider BCH a compelling investment.

Bitcoin Cash prediction and analysis

The digital currency initially found support at the $527 mark before it started consolidating higher. It saw a breakout form the first hurdle point, which can be traced at the $532 mark. Bitcoin Cash (BCH) later broke over the $550 mark and surged over the $560 level but has not gone beyond the $575 mark.

BCH has been trading beneath the $600 mark for quite some time now, but it has been indicated that it is making its way into the bullish zone. The 100-day exponential moving average trendline signaled that the digital currency was in an upward trend.

What may also help it gather momentum is Netcoins‘ announcement of adding BCH to its trading platform. The trading platform also operates a Virtual Digital Currency ATM to allow users to purchase digital currencies in an easy, timeless manner. Now, BCH users will also have access to all the twenty-one thousand operational virtual digital currency machines of Netcoins all over the world.

That being said, the best it is hoped right now is of trading range to reach upto between $550 and $580. Anything more, will require a multitude of bullish momentum from the Bitcoin Cash galaxy.

Show More

Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Email: razi@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.