Bitcoin Cash is though to be the original vision of Satoshi Nakamoto that was laid out in the original Bitcoin white paper. ChangeNOW, a leading non-custodial crypto exchange service, makes a Bitcoin Cash price prediction based on market analytics and other information.
What is Bitcoin Cash?
Bitcoin Cash coin is a cryptocurrency created as a result of the infamous Bitcoin hard fork. The hard fork has improved the technical characteristics of the new coin. Bitcoin Cash is different from its predecessor in many aspects and has more advanced work algorithm. All innovations are aimed at eliminating the weaknesses of the main network, such as low transaction processing speed and high fees. Among the stated advantages of Bitcoin Cash, we can find an increased block size, a new algorithm for adjusting the level of difficulty, and additional mechanisms for transaction protection. Bitcoin Cash is more decentralized since more users get the opportunity to earn on the mining of the BCH coins.
But in November 2018, the Bitcoin Cash community was divided in its views on the development of the project. As a result, a new currency, Bitcoin SV (BSV) has appeared.
How is Bitcoin Cash doing right now?
If it were not for the hard fork of the Bitcoin Cash network we could have expected a significant rise in BTC price. But the existence of such a tool as Bitcoin SV eliminates all the advantages of Bitcoin Cash as a fork itself. The “after hard fork” price has dropped significantly and hasn’t recovered yet. In November 2018 the price was about $600 but right now it can not beat the $135 mark. You can see the price trends in the chart below.
Bitcoin Cash price prediction for 2019, 2020
Despite the unfortunate hard fork, Bitcoin Cash still has support from the community and traders. Soon after its creation, BCH set a record for the number of trading platforms that had added it to the list of trading pairs. Today, the coin is supported on all the leading exchanges. This makes the BCH accessible to a wide range of users and allows customers to save on commissions as no extra conversions are required.
On top of that, the BCH supporters began to unite even before the Bitcoin hard fork. The backbone of the community was formed of those who fought for the creation of Bitcoin Cash. The advantages of the new platform (like the processing of transactions taking four times less time) were soon noticed by other users. Even today, at a difficult time for the entire industry, the volume of Bitcoin Cash market capitalization is approaching $10 billion.
As we have already said, the support and faith of the community are crucial for the future of any cryptocurrency. Bitcoin Cash has both. It has all the necessary features to become a global currency for everyday needs, and it means the price will be stable. At what mark though? Many analysts point out that after the hard fork the tendencies in Bitcoin Cash and Bitcoin prices do not align at all. They predict significant growth for BCH up until the $600 mark by the end of the summer. Bitcoin Cash price prediction for 2020 is unclear due to the unknown yet decisions of the US Securities and Exchange Commission.
To sum up, we think that Bitcoin Cash is one of the better currencies for long term investments. The price might not recover to 2017 levels for a while but it will surprise you in the long term.
If you liked our Bitcoin Cash price prediction for 2019, stay tuned for more on ChangeNOW!