Will Bitcoin Cash (BCH) Ever Be $3,000 Again? Why or Why Not?

Bitcoin Cash (BCH) is the 4th cryptocurrency by market cap. The last time the coin was trading at prices over and near $3k was in January. Can it reach these prices again?

0

Bitcoin Cash (BCH) is the 4th cryptocurrency by market cap. The last time the coin was trading at prices over and near $3k was in January. Can it reach these prices again?

The BCH platform is a fork of Bitcoin that took place in July 2017. It resulted in the two coins after scalability issues came to a head. It has lived in the shadow of Bitcoin (BTC) but seems to have roared into place with an upgrade to its consensus mechanism that allowed a much bigger transaction block to be mined.

As the development team finds ways of making the platform become better, one question is on the mind of many investors. Will it be rallying back to the $3k price levels anytime soon? Or is it beyond it?

Bitcoin Cash price history

BCH traded at just over $380 on August 2, 2017. However, the price rallied briefly and within days hit $1.091 against USD on August 19th. That surge, however, proved to be a false alarm and prices plunged once more, going all the way till it hit an all-time low of $315 on October 24th.

This coincided with the beginning of a market rally that preceded that year’s boom. The prices continued to surge as value rose steadily to reach an all-time high of $3071 on January 7th. (According to data on CMC).

As with the rest of the market, the 2018 bearish trend ravaged BCH prices that declined massively to lows of $610 by April 6th. The rally towards the US Tax day and a positive G8 summit meant prices rose again to new highs of $1838. Yet quite inevitably again, the market fell into a downtrend that has seen the crypto lose its value over the last couple of weeks to the current price of around $1190.

Even though it’s lost about 4% in the last 24 hours and 17% over 7 days, it’s still quite higher when compared to its value at the beginning of April.

Will Bitcoin Cash reach $3,000 again?

It should, barring some unforeseen happening that crashes the market. The BCH short-term and long-term outlooks both suggest a recovery is possible.

Analysts and crypto bulls alike think recent events like the hard fork and listing on exchanges have helped distance the coin from the controversy of Bitcoin.com and the attendant court case. Now that such issues no longer abound, it’s presumed when the entire market recovers, the coin will master some support to push higher.

According to a CNBC report, Bryan Kelly, CEO of BKCM LLC, Bitcoin Cash will experience a price growth in the near future. Speaking to CNBC’s Fast Money, Kelly premised his bullish remarks on the effort of the coin’s mining community.

He said that miners affiliated to the coin met last Saturday to discuss how to raise funds towards a development fund for the coin. It appears the miners are intent on setting aside part of their mining rewards for the sake of expanding the BCH ecosystem.

According to Kelly, the availability of a development fund could be helpful to the coin towards value growth. To support his view about the possibility of it happening, the investment manager explained that:

“That’s how blockchains gain value. You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash.”

There are also efforts to have BCH gain global adoption. Recent efforts by people like Roger Ver and Nchain’s Jimmy Nguyen are bound to bring a lot of partnerships and eventually increased usage and demand.

Roger Ver was part of the speakers at the recent Coingeek conference in Hong Kong. The main aim was to drum up support for the crypto, especially on how it was aiming at adoption.

Nguyen’s plans to use Bcommerce to provide a worldwide payments system using Bitcoin Cash may be good for the coin.

The focus on adoption should be one of those uses that finally get Bitcoin Cash the chance for its value to rally to new heights.

BCH will likely also list on the Gemini exchange soon. The crypto is already listed on London’s LBX. If the listing on Gemini comes at the right time, $3,000 should be achievable.

Conclusion: Bitcoin Cash (BCH) has the potential to become a great platform and with the continued efforts, a positive rally will likely be big.

Leave A Reply

Your email address will not be published.