Bitcoin Cash: Price Trends Analysis

Bitcoin Cash has had several interesting ups and downs since its creation. Can a pattern be derived by looking at the numbers? What affected its price the most in the past? Let us analyze the BCH to USD price trends and see if there are answers. What is Bitcoin Cash and How is It Different from Bitcoin? The mid-2017 was crucial for Bitcoin when a scaling solution called Segregated Witness was introduced to its code. Some of the developers did not support this change and as of August the 1st 2017, the cryptocurrency was officially split in two - Bitcoin and Bitcoin Cash. So, what is the difference between them? They use the same codebase, but the main difference is the 8MB limit of the blocksize that allowed Bitcoin Cash to achieve up to 2 million daily transactions . The two cryptocurrencies were even connected at first. At the time after the Hard Fork (a name of this type of separation process), there were basically two wallets, and the users holding BTC suddenly had the same amount of BCH in their accounts. A Price Overview of Bitcoin Cash Now, Bitcoin Cash is pretty much a crypto on its own. The current market valuation is as follows: ● Current Price ≈ $1,400 - $1,500rn● Current Circulating Supply ≈ 17,127,000 BCHrn● Max Supply = 21,000,000 BCHrn● Current Market Cap ≈ $24,122,000,000 The coin reached the peak in the second half of December 2017. The sudden jump happened after Coinbase’s announcement that they would introduce BCH on GDAX. That resulted in the high number of order placements - but it was all short-lived as the currency was almost immediately removed from the list. It is difficult to tell at which point BCH hit the all-time low as its lowest value was at the sole beginning. Since then the price has not gone below the starting point, although it has had its ups and downs. The highest trade volume was observed in December and the first half of January 2018, when the bullish actions were taken mainly as a consequence of the previously mentioned sudden jump in prices. During this period, the price did not go below $2,400. However, in the period between 15th and 17th of January, there was a sudden drop, and it went as low as $850. Since then, there have been a few sudden drops, but no sudden rises. The period of February, March, and April saw the constant variations between $600 and $1,400. However, at the beginning of May, the coin managed to penetrate the upper barrier and is currently slightly above that. Is the future going to be unstable for BCH as its origins were? What Factors Affected Bitcoin Cash? The milestones that happened in the Bitcoin Cash timeline were caused by several external events.rnThe November Peak The first jump, which happened in mid-November 2017, was a direct result of the Bitcoin developers opting out of introducing SegWit2x. This resulted in the disappointment of many Bitcoin users who decided to transfer to Bitcoin Cash. However, this is just one of the explanations for the November event, and there are claims that this was just an unsuccessful pump-and-dump maneuver conducted by the BCH miners and supporters. This was indeed just a 48-hour-long event during which the price reached $2,500. Curiously enough, the Bitcoin price at the same time hit the bottom with the $5,550 - more than $2,500 less than it had been two days before that. The Name and Design Confusion People who are new to cryptocurrency and investment sometimes do not do their research properly. This results in many newbies actually investing in Bitcoin Cash instead of Bitcoin. rnFrom the perspective of the Bitcoin advocates, BCH is purposely misleading new users to think that they are actually investing in Bitcoin. This claim cannot be completely disregarded as Bitcoin Cash indeed implements marketing methods which are at the very least questionable. Bitcoin Cash Price in the Future The future of BCH is still very uncertain as the market is highly volatile and there are no certain changes that can be predicted. If you are into crypto, you are probably aware that every day there happens something which can have a deep impact on the value of every cryptocurrency. Nevertheless, some of the websites and individuals made their rough predictions, and we will mention some of them here. ➢ According to WalletInvestor, the future looks bright for BCH, and it is expected that its price will go up 380.75% in five years. They have marked BCH as a very good one-year investment opportunity. ➢ 30rates takes up a more realistic approach and they make a 1-month analysis - from mid-May to mid-June. Their prediction is also positive, and according to them, BCH will see some gains in the near future as well. ➢ Longforecast is eager to see the distant future. Their analysis goes 5 years into the future and you can see the approximate price for every month in a 5-year plan. This rough estimate shows that the price of BCH will be the highest in September 2021. Conclusion There are no final conclusions when cryptocurrency is in focus - everything is possible despite the positive reviews. rnThe actually good thing that makes BCH loved by many is that its team is constantly improving it and trying to make it faster in comparison to Bitcoin which can be extremely slow when the number of transactions is on the rise.rnIt is certainly going to be interesting to see how the price will vary and how the whole Bitcoin/Bitcoin Cash battle will come about. While this process lasts, it is always a good idea to stay updated and thoroughly research everything!