After dropping in value with the rest of the cryptocurrency ecosystem the digital asset bitcoin cash (BCH) is making a comeback over the past 72 hours. BCH reached a low of $620 per coin on April 6 and a week later the price has increased over ten percent. At the moment during today’s trading sessions on Friday, the 13th, bitcoin cash is averaging around $760 per coin.
Bitcoin Cash Market Values Begin to Rebound
The top five currencies swapped for bitcoin cash includes BTC (44%), USD (22.6%), tether (USDT 21.2%) the South Korean won (6.3%), and the euro (2%). Bitcoin cash trade volumes over the past thirty days are around $9Bn and the cryptocurrency is the seventh most traded digital currency this month. Since August 1, 2017, there have been 47,131 BCH blocks mined and the BCH chain is 7,659 blocks ahead of the BTC chain. However, the BTC chain is still over 30 gigabytes larger than the BCH chain. At the time of publication the bitcoin cash network is operating at 9.9 percent of BTC’s mining difficulty and it is 6.9 percent more profitable to mine BTC this afternoon.
Looking at the daily and 4-hour charts show BCH bulls are trying to muster up the strength to keep pressing forward past current resistance. Much like most of the cryptocurrencies in existence BCH has a strong correlation with BTC markets, and its movements still affect BCH markets. Similarly, the two Simple Moving Averages (100 & 200 SMA) have spread and the short term 100 SMA is above the longer term 200 trend line. Observing this factor indicates bulls could gather more steam and press the price northbound.
The Relative Strength Index and Stochastic show prices were overbought during last nights (EDT) trading sessions today things are meandering in the mid-range. Order books show BCH bulls have to press past two large resistance points to keep the reversal going. Meaning there will likely be two pit stops between $790 to $900. On the backside, if bears take the reigns again there are solid foundations at the $670 and the $625 price range.
BCH Infrastructure, Support, and Adoption
The bitcoin cash ecosystem has seen a good amount of support and adoption these past few weeks as well. One big spike over the past couple weeks is the amount of Bitcoin Cash Meetups taking place across the globe. While perusing through BCH related social media and forums cryptocurrency enthusiasts can see a large variety of BCH Meetups popping up. There are now Meetups in San Francisco, Tokyo, London, Amsterdam, Boston, Malaysia, Seattle, Nigeria, Beijing, Johannesburg, Seoul, Brazil, Denver, Hong Kong, Auckland, Toronto, Paris, Oslo, Shenzhen, and many more.
Additionally, there’s been a whole lot more going on in the BCH universe. The blockchain firm Nchain was approved by the European Patent Office and says BCH developers can use the patent freely. Earlier this week over 50 teams registered to compete for a £5 Million prize by developing a BCH-based tokenization protocol. Bitcoin cash developers announced the chain will be forking next month and increasing the block size to 32 megabytes. Lastly, the hardware wallet company Trezor revealed it has implemented bitcoin cash addresses making it easier for the community to send and receive BCH using that wallet.
The Verdict: BCH Proponents Look More Towards Development and Adoption Rather Than Market Value
Overall the BCH community is positive and continued to bolster the future of this network that enables true “peer-to-peer electronic cash” transactions. Market values have been low but the entire cryptocurrency economy has suffered from the past three months of bearish climate during the ‘Crypto Winter.’ BCH has remained the fourth largest cryptocurrency capitalization the entire time, unlike other coins who have lost their positions these past few months. Moreover, bitcoin cash infrastructure, development, adoption, and support continues to increase even during this bearish season.
Source from news.bitcoin / Images via Shutterstock, Bitstamp, Trading View, Atlantis, and 32 MB hard fork image was created by the Reddit user: Cryptovessel