When every investor became inquisitive about the first ever crypto currency, not many realized its shortcomings. After 2009, Bitcoin was the most buzzed word with huge search volumes on the Internet. But what pulled it back? Undoubtedly the other cryptocurrencies on the list that guaranteed to overcome Bitcoin’s setbacks. Understanding what the world needed, Bitcoin took its step towards the same, and Bitcoin Cash entered the market, 2017. Inquisitive to learn about Bitcoin Cash price prediction?
Though BTC strikes as the most expensive crypto money, the hard fork currency has everything that makes transactions quick, feasible and easier. But what drove the network to develop all new currency? As the crypto monster became highly prominent, it turned from a currency to investment for many! Moreover, a significant number of transactions happened over the network. But unfortunately, the speed collapsed causing congestion in the network!
What was the result? The blockchain collapsed, displaying an increased time for transaction confirmations. As a result, the transaction fees skyrocketed leading to chaos among the traders. Due to this hamper, the network could only process seven transactions a second.
Probing into the reasons, the network analyzed that the 1MB block size put down the transaction holding capacity that eventually caused every other flaw on the platform. Also, it took around ten minutes to generate a new block, putting every transaction queued. Bypassing the troubles, The Bitcoin Cash boosted the block capacity between 8 and 32 MB. Addressing scalability, the transactions per second also raised to 25,000, reported by a stress test in 2018.
Did you know that Coinbase ,initially did not support Bitcoin cash but later reversed it?
Successfully circumventing every possible hindrance, Bitcoin Cash is now a prominent, peer to peer Electronic Cash. With the same mining algorithm, Emergency difficulty Adjustment (EDA), BCH shares several similarities from the sister currency. The forked cryptocurrency is perfect to spend, trade and exchange rather than holding!
With PoW methodology, mining and increased transactions, what would be the future of this currency? What makes it better yet stay far behind Bitcoin? Bitcoin Cash’s official Website states BCH as the world’s best money! Will it outgrow other altcoins on the list? For a long term Bitcoin Cash prediction, latest updates and many more, just skim further!
Table of contents
- Fundamental Analysis
- What lies in the destiny of BCH? It’s all below!
- Know How BCH performed previously
|Market cap||$ 11,719,160,780.0000|
|Circulating Supply||$ 18,882,418.6467|
|Trading Volume||$ 1,016,882,935.0000|
|All time high||$ 3,785.8200 December 20, 2017|
|All time low||$ 76.9300 December 16, 2018|
What Is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a hard fork of Bitcoin that occurred on August 1st, 2017. After the advent, the network rewarded every Bitcoin holder with an amount of BCH. With just a duplication in the original block chain, it successfully prioritized on-chain scaling and utility as a peer-to-peer electronic cash system. Bitcoin Cash expands the size of blocks, enabling more transactions to be processed.
Basically, BCH was created to overcome two major challenges faced by Bitcoin scalability- by increasing the “block size”, BCH can process an impressive number of transactions per second when compared to Bitcoin. The other factor is Transaction Fee- Bitcoin’s transaction fee is around $1.31, whereas it is around $0.125 for Bitcoin Cash.
The forked currency is capped at $21 million, just like Bitcoin. By doing so, the network ensures value for every holder, putting down inflation rates to the minimum. The network also mentions that BCH supports token protocols and with this, it would be straightforward to create token backed projects!
Bitcoin Cash has made sending money to any account around the world is just simple! You can send money 24/7 and need no approval for a transaction, says the network. With increased privacy and decentralization, every penny in the Network is assured of safety and accessibility.
Initially, the coin was launched at the price of $250, and the next day, the price increased to $651 per coin. By the middle of the month, it already cost $900. Currently, Bitcoin Cash has begun routing its way to the top and managed to reach milestones.
Though designed to be sectioned from Bitcoin, BCH uses a similar technology and consensus mechanism and works almost like BTC. The platform works with a peer to peer node network and initially started with EDA as a mining algorithm. But it created discrepancies as many started switching between the two networks, earning huge profits. As this hindered the market supply, the EDA was modified making mining easier.
The revised update also began to use the SegWit of Bitcoin. Also called the aggregated Witness Solutions, the data congestion on blocks were resolved. According to Segwit, data related to a specific block’s transaction can be stored outside the block rather than on it. By doing so, the transaction processing time will be curtailed and higher rates can also be possible.
Recounting to the latest update on BCH, that happened earlier this year, on May 16, working on user experience and security was revealed, went viral on Twitter. A transaction chain of length 4642 was reported to have been mined on the network.
In 2019, BCH partnered with Fanduel, a popular Fantasy sports service. Sonny Singh, the CCO of the service also stated that through the Partnership football fans can make deposits using Bitcoin and Bitcoin cash, also betting with them! The coin giving a unique dimension to the crypto world, is now seen everywhere! Today, there are more than 100s of projects, platforms and services on BCH.
From Defi and Smart contract solutions like Detoken, Anyhedge, Smart BCH to Developer tools like Mainnetcash, Cashscripti, Fullstack and many others, Bitcoin cash has stayed true to the promise of being the World’s best money!
As BCH is developing into a spending currency, it is always advisable to store them on wallets. According to Coinmarketcap, wallets like Ledger, Trezor, Math Wallet, BTC Wallet, Coinbase are some wallet options!
What lies in the destiny of BCH? It’s all below!
Bitcoin Cash Price Prediction 2021
During the start of 2021, BCH continued to trade at $340.56. On a bullish note, the price started to rise and reached $595.02 on 10th January. During the May 19, Market crash, BCH price dipped substantially from $1093.36 to $706.80. The Bitcoin cash price USD became highly volatile post this event, that it flipped down further and hit $596.84, as June hit. Currently, the BCH price is $640.05( at the time of writing).
Any positive impact on Bitcoin will hype up the Bitcoin Cash as well and it goes without saying for a negative comment too! Recently, BTC was adopted as legal money in EI Salvador. Also other constructive notes on BTC like SkyBridge Capital’s $7.5 billion hedge fund’s authorization on the currency, and many more might put the momentum on track for BCH to surge in the coming months. If this happens, the price may shift into an uptrend, with slight pull backs and reach $1418.17 by this year end.
Many critics argue about the fact that the BHC network does not have a well defined governance protocol which might put the entire system at stake! For a highly competitive crypto world like today, it is believed to be a critical setback for BCH to grow further. On this note, if the network does not lay out a defined protocol, the price might turn bearish with investors withdrawing from the platform. So, the price may even hit lows at $655.440.
Without any favorable developments, the coin might move steadily and hit $1000 on an average, by the end of the year with existing users!
BCH Price Prediction 2022
f the present year turns bullish for the coin, it might close the year hitting the highs. In such a case, the year 2022 might commence with a similar trend. Thereby, the BCH price kick starting next year could be around $1423.91.
On the flip side, if the coin falls into a bearish trap and strikes minimums, then the trade resuming 2022 can be towards the south. On a bearish note, the price might move around $673.74 as 2022 begins.
Though BCH promised a higher block size than that of Bitcoin’s, there is still a long way to go for the network. However, if the platform works to increase the block size, or testing that smaller blocks can stimulate higher transaction speed, the market might turn favourable for this asset. With further developments coupled, the price shall hit $1761.48 by the end of 2022.
However, the Bitcoin Cash network has not announced any partnerships to happen over the platform anytime. While competitors like Litecoin, Dashcoin are partnering to expand their networks, BCH seems to be remote from the crypto space for many! This can turn into an antagonistic fallout causing the BCH price USD to fall at $782.79.
Sticking to the fact that Bitcoin cash’s transaction fee is still on the lower side, that is less than a penny, many users may find this a plus and site themselves to the network. So, the average figures for 2022 might hit a decent range at $1269.89.
5 Years BCH Price Prediction
This year began to see community developers working hard to pull off the socks for the coin. Teams of Anyhedge, Electron Cash and many more are operating towards making the network more reliable and user friendly. Resources also say that, the teams have listed future plans which include payment widgets and financial derivatives powered by Smart contracts and Decentralized exchanges are on board. If the network manages to fulfill the same, the future market can turn over towards the coin making BCH price strike at maximums of $3666.73.
On the other hand, the coin has been highly volatile in the market, and might keep investors with FUD away from the network. Also, a possible similar market crash, with Elon Musk and others debating over PoW, in the coming years might cause the price to hit lower ends at $1195.11 or below.
However, if the people making daily payments and transactions over the network might remain unaffected, with slight buying and selling pressure, the BCH price may move at $2074.84.
What Does the Market Say?
According to DigitalCoinPrice revised forecast, Bitcoin Cash will trade at $1,7585.61 by the end of 2025.
According to LongForecast, BCH’s price might close 2021 with a $769 mark.
According to CryptoGround, BCH might reach $861.06 in one years’ time frame.
According to Smartereum, a crypto predicting website, BCH might reach around $24,600 by 5 years.
EXPERT’S CORNER | What experts say about Bitcoin Cash?
Crypto experts predict Bitcoin Cash price to head with +1.5%.
Another prominent handle suggests Longer term levels to strike at $929.65.
On the other hand, many others suggest a retest level near $467.80 if the uptrend line disrupts.
Know Our Bitcoin Cash Price Prediction
As Bitcoin Cash has proved itself to be a better consumer cash than the Crypto monster, the coin has all potential to be on the bullish cards. According to Coinpedia’s formulated Bitcoin Cash price prediction, the coin’s price may strike a maximum of $1417.33 by the year end if the Bullish plans revealed become a reality. With contributors like Josh Green, George Donnelly, Roger Ver and many more, working on various code changes to bring the block chain to a higher standard, a possible breakout can be on board if it turns into a reality.
However, currently there are other factors that might entangle BCH into a downtrend again. If the China Crypto ban strengthens in the coming days, the price movement can turn highly bearish and drop to a low of $654.73. Also, the US inflation and shooting up CPI figures can pave way for currencies like BCH to collapse.
|Year||Potential High||Potential Low|
Know How BCH performed previously
Initially, when introduced, BCH was trading at nearly $250. The price was continuously moving in the uptrend reaching $4091, which is the highest price.
The above Bitcoin Cash price chart illustrates that in November 2017, the BCH price hit a temporary level of price resistance at approximately $1,700. This price point included the Bitcoin Cash price from uptrending and only after its third attempt at this level of price resistance. Further, the resistance was finally broken. The break above resistance leads to an accelerated move toward higher BCH prices.
But at the end of the year, the market turned bearish, and Thus, bitcoin cash suffered huge losses reaching $2557
At the beginning of 2018, the whole crypto market turned bearish. During the first quarter of the year Q1, the coin sloped down reaching $898.55 in February 2018. But nonetheless, the coin gained momentum back experiencing a bullish trend at the beginning of Q2 reaching a trading value of $1726. Further, in the mid of Q2, the price suffered a downtrend reaching $640.
In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV. On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.
The bearish trend continued further in Q3 and Q4 reaching the lowest value trading at $160 by the end of 2018.
At the beginning of 2019, the coin was trading at $165.33. Anyways during Q1, there was not much variation in the price, however, there were minute pumps and dumps. At the beginning of April, the coin enjoyed a bullish trend reaching $302.31. However, the resistance remained within $300 and again the price surged to $488.34 by the end of June.
2020 for BCH began on a bearish note. The cryptocurrency was trading at around $190 per coin. However, BCH was bullish for most of the first quarter. The price grew from the sub-200 level to surpass $300 by March.
To further the Q1 gains, BCH progressed to touching $400 by the beginning of February and later $500 in the middle of the month.
A sharp price decline set in in March and BCH crashed to around $150. The crash proved fatal and BCH is still recovering from the loss accrued since then. BCH rose to $246.90 by the end of April and climbed to $265.65 at the start of May. With certain price swings, BCH spiked to $308.14 and further plunged to $261.27 by the end of October. As the expansion of Bitcoin’s price rally, BCH surprisingly rose to $340.60 and continued trading at $354.95 at the end of December 2020.
Bitcoin Cash (BCH) is a result of a Bitcoin fork that occurred on August 1, 2017. It is an alternative version of Bitcoin that makes use of new features and rules, and has a different development roadmap.
Yes, BCH also uses the same proof-of-work algorithm that is used by Bitcoin. Hence, it can be mined using CPUs and GPUs.
Bitcoin cash can be used as a mode of payment where-in the user can send and receive the funds
The cost of the asset depends on the miners and hence the BCH price being low due to the slow working conditions of the miners
Disclaimer: This piece of Article is only for informational purposes. It is not trading or financial advice.