Why To Keep An Eye On Bitcoin Cash (BCH)?
The series of good news for the Bitcoin Cash platform continues with another partnership hot on the heels of being listed on UK’s LBX.
Now it has been revealed that Bitcoin Cash (BCH) is going after a share of the global market with a strategic partnership involving YeeCall. Specifically, BCH via Bitcoin Cash Fund is targeting the 33 million YEE users around the world. It is hoped that the effort will yield fruit towards making Bitcoin Cash gain wide use and adoption.
For cryptocurrencies, partnerships bring with them a great opportunity to integrate crypto assets with real-world use and thus helping accelerate much-needed adoption.
The partnership kicks off with a planned airdrop. According to an article on Yours by BCF, the group has agreed to work with YeeCall to facilitate the airdrop, worth 20 BCH to the participating holders of YEE tokens. The airdrop takes place at 23:59 (GMT +8) today.
Each holder of YEE who wishes to take part is required to have a balance of at least 10,000 YEE tokens or more in their wallets by snapshot time. Winners will have a shot at getting a share of the BCH depending on the percentage of tokens they hold.
Bitcoin Cash Fund has previously revealed that their target is to reach 1 billion users of BCH in the next five years. To that end, partnering YeeCall presents an opportunity to add 33 million to that number.
Such a large fan base that will possibly keep growing offers Bitcoin Cash a ready market for adoption, with Yee users already acquainted with cryptocurrency wallets via the platform’s YeeWallet.
Yee is a blockchain-powered and cloud-based social ecosystem and is one of Asia’s fastest growing messaging platforms. Worth noting also is that majority of the wallet’s users are from the Asian market, a region noted for being very receptive to cryptocurrency.
It is expected that this initial partnership will be the foundation for more within the industry, as the value of Bitcoin Cash as a cryptocurrency takes shape. The Yee Foundation commented about the agreement saying that:
“The Bitcoin Cash Fund and YeeCall both see this as an opportunity to help spread the adoption of Bitcoin Cash globally, giving users a chance to enhance the overall experience of using YeeCall. By enabling payments of BCH, which is among the top 5 in terms of market cap, YeeCall is connecting its 33 million users to a global financial system that is taking the world by storm. It will surely bring in new users to the platform, but the more significant implications are the partnerships that will follow now that they are compatible with Bitcoin Cash.”
The winners in the airdrop will be announced on May 10, 2018, and according to a tweet by Bitcoin Cash, a BCH wallet will be launched in two days.
Bitcoin Cash (BCH) price declines
The price picture for BCH was one of the best up until this week when it dropped after meeting a lot of resistance around the $1800 level. Over the last 30 days, Bitcoin Cash had rallied to record nearly 150% gain in value. Its price against the USD on May 6, 2018, was $656 and had a market cap of $11 billion.
According to historical stats on cpoinmarketcap.com, by May 8, 2018, BCH had reached $1611 after briefly hitting a recent high of $1838 on May 6, 2018.
The current value against USD represents a 24h gain of less than 1 percent at the time of writing. This is due to the mini-bearish momentum that hit the market in the morning hours.
However, the crypto is still trading in the green with a 7-day price surge of +11%. This means that the coin has shed off 13% in the last two days alone. The decline is nevertheless seen as a temporary setback and the market will likely rally again within the week. With much of the negativity being shelved at the moment, a confluence of great news could possibly see the value break above $1600 and target $1650 by the weekend.
The upcoming hard fork upgrade slated for May 15, 2018, and the bComm conference on May 18, 2018, could also be crucial events in the race to regain an uptrend.