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.
Bitcoin Cash Historical Price in 2018
The main event for Bitcoin Cash price in 2018 was the hard fork, which made the whole industry shudder. The conflict was the result of different views of the two sides on the future of BCH as an asset.
Supporters of BCH ABC believe that the basic structure of BCH does not need radical changes. However, the Bitcoin ABC roadmap suggests further development of the network: increasing the size of The Bitcoin Cash block and reducing the cost of transactions.
On the other side of the ring, there is Bitcoin SV (Satoshi Vision) led by Craig Wright, who claims to be Satoshi Nakamoto. It is supported by information resources such as CoinGeek and Bitcoin.org. BCH SV was created in August 2018, shortly before the hard fork.
“Reformers” are trying to “revive the original Satoshi protocol” by changing the structure of BCH. In particular, they intend to completely rewrite Bitcoin ABC network scripts and increase the BCH block size from 32Mb to 128MB (maximum) to increase network performance and scale.
On November 15, the BCH blockchain split and both sides began to form blocks on separate blockchains. Each party sought to take a dominant position, create as many blocs as possible and demonstrate that its set of rules was more robust.
What happened to Bitcoin Cash price after hard fork?
The fork led to significant problems with BCH Bitcoin Cash price. Bitcoin Cash ABC price has fallen, and the overall market positions became really bad:
Investors were losers. The total value of the two new coins was lower than Bitcoin Cash price before the split. After the fork, BCHSV cost $96.50 on the Poloniex exchange, BCHABC — $289, in total — $385.5 against $425 — that was the Bitcoin Cash price at the close of trading on November 14, 2018. Then, the total value of the two new coins dropped to $363.
Miners suffered losses. According to the calculations of the analytical firm BitMEX Research, one day of mining BCHSV caused $278 000 losses, BCHABC — $439 221.
General market decline. During the BCH hard fork day, November 15, 2018, the total capitalization of the cryptocurrency market fell by $27 billion — from $210 to $183 billion. It can be argued that the “hashrate war” in the BCH community led to the fall exclusively, but it was one of the reasons.
Bitcoin Cash price prediction for 2019
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.
In early January 2019, the Bitcoin Cash team announced development plans for the current year. The changes will affect both the blockchain and the wallet.
The main news are two more hard forks of the network planned for the current year.
In addition, the Bitcoin Cash platform is waiting for important updates:
- integration of Graphen or XThinner technologies and the QUIC transport protocol;
- API improvements;
- the introduction of the bitcoin Protocol BIP70;
- the use of Stealth addresses.
Bitcoin Cash price prediction for 2020
Bitcoin Cash price prediction for 2020 is unclear due to the unknown yet decisions of the US Securities and Exchange Commission.
Coinoracle experts calculate the future Bitcoin Cash price according to their own algorithm. The forecast on the site is constantly updated with the latest trends on the exchanges. Today, Bitcoin Cash price prediction for 2019 from Coinoracle is $2,406.
Other experts, from Economics Forecast Agency see different future for the BCH price. In their opinion, 2019 will end for Bitcoin Cash price with a drop of 36.9% ($268). Bitcoin Cash orecast for a longer period is: 2020― $653 (+53,6%), 2021 $1304 (+207%), 2022 ― $1411 (232%).
What influences the BCH price?
- Broad support. Soon after the creation, BCH set a record for the number of trading platforms that added it to the list of trading pairs. Today the coin is present on all leading exchanges: Binance, Coinbase, Poloniex, Kraken, Bithumb, Bitstamp, GDAX, Bittrex. This makes BCH available to a wide range of users and allows to save on commissions (no extra conversions are required).
- Possibility of safe storage. BCH has six full-scale official wallets – Unlimited, ABC, Parity, XT, Flowee and Bitprim. In addition, the asset is supported by hardware wallets Ledger, Nano S and Trezor, convenient multi-currency versions of Exodus and Jaxx, online wallets Blockchain.info, CoinBase, BTC.com, WMH, etc.
- Compliance with the principles of cryptocurrencies set forth by Satoshi Nakamoto. The Bitcoin Cash network is being developed in accordance with the script of the original creator of bitcoin. The developers plan to provide a technical opportunity to enjoy the benefits of cryptocurrencies to all people on the globe. They plan to develop training projects and create charitable foundations for third world countries.
- The potential for becoming a global cryptocurrency for everyday payments.
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!
*This price prediction is based on the data collected from various sources. The information presented in this article should not be considered as any sort of investing advice and the reader should do their own research before taking any actions.