Bitcoin Cash rallied up to 40% between December 23rd to December 28th, it has outperformed several other coins and now a pullback is expected very soon.
As a result of the recent hard fork, the Bitcoin Cash network has split into two separate blockchains - Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). This hard fork is a result of the Infrastructure funding proposal that was proposed by Bitcoin Cash ABC
Ziglu, a London based digital bank has been licensed as an Electronic Money Institution after which they immediately launched P2P payments for both crypto and fiat currencies. They currently support British pound and four other cryptocurrencies like BTC, BCH, ETH and LTC. Users of the digital bank can now make P2P payments over the network or to other banks within the UK.
As per the BCH/USD Live Price chart, Bitcoin Cash is trading at $517.09. Its current circulating supply is 18,600,863 BCH with a market cap of 9,519,702,978 USD.
As per the BCH/INR Live Price chart, Bitcoin Cash is trading at Rs 37823.84 and it increased by 7.23% in the last 24 hours.
Bitcoin Cash was created to overcome two of the major challenges being faced by Bitcoin- Scalability- by increasing the “block size”, BCH can process a higher 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.
For miners, Bitcoin Cash is much more lucrative than Bitcoin, so if this prompts for more miners to switch from BTC to BCH, then this could lead to further growth for BCH. Just like its parent coin, BCH experienced an exponential boost in growth in 2017. Justifying the major community’s prediction, Bitcoin Cash has started quickly making its way to the top and managed to reach important cost milestones. The coin was launched at the price of $250, and the next day, it already cost $651 per coin. By the middle of the month, it already cost $900.
Even though it is going through storms right now, the crypto world is quite optimistic about its comeback. Bitcoin Cash has been going bearish as of now because of the market fall, where it fell by around 31.37%, which shows a bit of a bullish trend, which might go on for the days to come as predicted by most of the market experts.
The cryptocurrency market is highly volatile and major price changes can happen within minutes due to factors like regulations, competition, the emergence of new tech, market sentiments and so on. Hence, it is certainly not an easy task to predict the price of the fourth largest cryptocurrency in the world.
But, there are some predictions given by crypto traders/enthusiasts or even crypto forecasting websites on how BCH would perform in the future. Let's check those out:
Trading Beasts predict that 2020 might prove to be lucky for BCH, wherein they predicted that for 2020, BCH price can increase as much as $5,635.44 and be as low as $3832.10.
Roger Ver, referred to as Bitcoin Jesus has been a vocal supporter of Bitcoin Cash since its inception and predicts that Bitcoin Cash might be 2 times more valuable in a years time. According to him, Bitcoin Cash is popular as it can be stored and spent similar to cash, which makes it possible to be used in day to day life activities.
Smartereum is a crypto prediction website that predicts that Bitcoin Cash might reach as high as $6700, which is around 500% growth in less than a year. Similarly, the five-year prediction of Bitcoin cash price is around $ 24,600.
Crypto Ground predicts that Bitcoin Cash can plunge upwards and might reach $707 by the end of 2020. In 5 years, BCH might reach $3,067 in five years time frame.
Another cryptocurrency price prediction forum speculates that BCH might reach $9560.28 by the end of 2020, which might or might not be true. BCH has winning features, which helped them develop a positive outlook on BCH.
There are several development teams working on BCH, who has been working with the representatives from a variety of projects, including Bitcoin Unlimited, Bitprim, Nchain, Bitcrust, ElectrumX, Parity and Bitcoin XT. These developments had happened and are starting to materialize. Very recently, Bitcoin Cash ABC got enlisted in the Gemini Exchange, led by the Winklevoss brothers with NYDFS approval. A couple of months back, Bitcoin Cash experienced over 2.1 million transactions, which accounted for 63 percent of total cryptocurrency transactions conducted during that 24-hour span. This was a great success for the BCH community as this could change the entire scenario. By the end of 2020, BCH might reach 800 USD, which is more than 2X of the current price.
2020 will prove to be a remarkably good year for Bitcoin cash as there will be innovations and developments. There are some unconventional things planned for the advancement of the BCH infrastructure. In addition to the Bitcoin Cash wallet support, the Bitcoin Cash community is also planning on testing a beta Telegram tipping bot — Tipmebchbot, which enables Telegram users to tip other users using BCH. This advancement might happen before 2020 also. BitcoinCash might even come up with its own hard forks, which can lead to many possible ways that help to hold Bitcoin to get free coins. The entire year will see the price surge and by the end of the year, BCH is estimated to reach $800 USD.
Bitcoin Cash(also BCH ABC) will go through numerous developments in five years. As Bitcoin is the parent of BCH, it is certain that BCH will never go into oblivion. Bitcoin will never die out, hence it will never let its forks fade. Its future performance will most likely be linked to that of bitcoin's performance. With the similarities and shared history between the two currencies, BCH is able to trade on bitcoin’s past successes and credibility in the cryptocurrency world. It is estimated that Bitcoin Cash might reach $5891 USD by the end of 2025, considering the roadmaps it has created. You can convert BCH to BTC from CoinSwitch at the best rates.
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