Bitcoin’s scalability issue has been the main concern since its inception. The transaction processing speed with Bitcoin is slow compared to that of the bank. A popular credit card company processes nearly 1700 transactions per second, whereas Bitcoin processes only 6-7 transactions.
This is where the Bitcoin miners and developers started Bitcoin Cash, a fork of Bitcoin to offer faster and cost effective transactions. Developed with the fundamentals of the bitcoin blockchain, Bitcoin cash aims to provide a better payment platform.
The BCH price rose from the bottom and surpassed $1000 for the first time since the 2018 plunge and gained much attention. Yet some want to hold and those who already have some look out for the future prospects.
Are you one among them, then you are in the right place with most of the information regarding the fundamentals, technicals and the future price accumulated in this piece of composition!
Let us dig deeper to know more.
Table of contents
|Market cap||$ 24,493,702,139.0000|
|Circulating Supply||$ 18,737,206.1468|
|Trading Volume||$ 5,242,535,453.0000|
|All time high||$ 3,785.8200 December 20, 2017|
|All time low||$ 76.9300 December 16, 2018|
Bitcoin Cash Fundamental Analysis
Bitcoin Cash (BCH) is a hard fork of Bitcoin that occurred on August 1st, 2017. It prioritizes 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 a maximum number of transactions per second when compared to Bitcoin. While bitcoin blocks are limited to just 1 MB, BCH blocks are enhanced upto 32 MB.
Similar to Bitcoin, BCH is not in abundance, its limited to 21 million coins, it can be used as a payment option. Anyone can carry out transactions on a smartphone or computer typically less than a tenth of a cent.
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. By continuing the bullish trend, the price smashed $1000 for the first time since 2018 in mid of April. Woefully scrambled down for a short time and regained the lost position. Currently the price is trending above $1000 and sustained successfully. The price in the coming couple of months is expected to reach $2000 and can reach the levels in between $2500 to $3400 by the end of 2021.
BCH Price Prediction 2022
BCH might continue to trade at $2134 in the first quarter of 2022. On a bearish note, the price might arrive at $1560 by the end of the first quarter. If BCH concentrates more on the improvements and developments, the price might reach $960 in the mid of May. The price might plunge if bears continue to drag the market close to $1560. Else on the bullish note, the price by the end of December 2022, BCH may trade close to $3500
Price prediction For Next 5 Years
Bitcoin Cash will go through a number of developments in 5 years. As Bitcoin is the parent of BCH, it is certain that BCH can’t blackout. The future projects and developments might most probably link to that of bitcoin’s performance. By analyzing the roadmaps,the price is expected to rally to reach the highest levels above $5000 to $6000. However, after attaining the highest levels, the price is expected to plunge with a pretty huge margin and trend around $2500- $3000 by the end of 2025.
Market Prediction For BCH
According to DigitalCoinPrice, Bitcoin Cash will trade at $1993 by the end of 2021 and by the end of 2025, the price is expected to surge to $3965.55
According to LongForecast, BCH’s price might only drop to $4144 to $5143 by the end of 2021 and reach highs in the mid of 2022. However, the bears are expected to flip the market and the price may initiate a plunge. The price by the end of 2025 may trade in between $1830 to $2272
According to Wallet investor, the price is expected to drop from $1396 to $1137 in the coming year
Coinswitch predits an extreme bull run for the asset. According to the platform, the BCH price is expected to hit $5891 by the end of 2025.
According to primexbt, the price is expected to follow a bull run to hit th levels above $6000 by the mid of 2022 and fall into a bearish divergence. The price may fall below $1000 in 2023 and bounce back to hit $3600 by 2025.
Our Bitcoin Cash Price Prediction
Overall, the majority of crypto markets seem to be in a good place right now. It might be a profitable investment for the future if you plan to invest. It might touch close to $1760 to $2100 mark by the end of 2021 and surge above $4000 in the future.
Historic Market Sentiments
Initially, when introduced, BCH was trading at nearly $250. The price was continuously moving in the uptrend reaching $4091, which is the highest price of the coin to date.
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 is maintained 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