Spring Sees Bitcoin Cash Adoption Rise
After dropping in value with the rest of the cryptocurrency ecosystem the digital asset bitcoin cash (BCH) is making a comeback over the past 72 hours. BCH reached a low of $620 per coin on April 6 and a week later the price has increased over ten percent. At the moment during today’s trading sessions on Friday, the 13th, bitcoin cash is averaging around $760 per coin.
Bitcoin Cash Market Values Begin to Rebound
Bitcoin cash markets are seeing some healthy gains over the past 72-hours, jumping over 10 percent in value after coming close to dropping below the sub-$600 region. BCH proponents have been optimistic as the decentralized currency has added $3.2Bn to its market capitalization. Trade volumes worldwide for BCH have also increased significantly as the past 24-hours has seen $412Mn USD worth of trades across global exchanges. Right now bitcoin cash is the eighth most traded cryptocurrency today just below the digital asset tron. The top five exchanges trading the most BCH on April 13 include Hitbtc, Okex, Huobi, Bitfinex, and Lbank. Most of the trades on these trading platforms are paired with tether (USDT) or the U.S. dollar but trades with BCH on Hitbtc are primarily in BTC. Other notable exchanges swapping a lot of bitcoin cash volumes today include Bitstamp, GDAX, Binance, and Bithumb.
The top five currencies swapped for bitcoin cash includes BTC (44%), USD (22.6%), tether (USDT 21.2%) the South Korean won (6.3%), and the euro (2%). Bitcoin cash trade volumes over the past thirty days are around $9Bn and the cryptocurrency is the seventh most traded digital currency this month. Since August 1, 2017, there have been 47,131 BCH blocks mined and the BCH chain is 7,659 blocks ahead of the BTC chain. However, the BTC chain is still over 30 gigabytes larger than the BCH chain. At the time of publication the bitcoin cash network is operating at 9.9 percent of BTC’s mining difficulty and it is 6.9 percent more profitable to mine BTC this afternoon.
<figure id="attachment_144741" style="width: 877px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Daily profitability for BCH against BTC via Coin Dance charts.</figcaption>
Looking at the daily and 4-charts show BCH bulls are trying to muster up the strength to keep pressing forward past current resistance. Much like most of the cryptocurrencies in existence BCH has a strong correlation with BTC markets, and its movements affect the BCH markets. Similarly, the two Simple Moving Averages (100 & 200 SMA) have spread and the short term 100 SMA is above the longer term 200 trend line. Observing this factor indicates bulls could gather more steam and press the price northbound.
<figure id="attachment_144716" style="width: 1600px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">BCH price on Bitstamp at 12 pm (EDT) April 13, 2018.</figcaption>
The Relative Strength Index and Stochastic shows prices were overbought during last nights (EDT) trading sessions today things are meandering in the mid-range. Order books show BCH bulls have to press past two large resistance points to keep the reversal going. Meaning there will likely be two pit stops between. On the backside if bears take the reigns again there are solid foundations at the and the price range.
<figure id="attachment_144723" style="width: 1600px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Bitfinex Bitcoin Cash prices on Friday the 13th, 2018.</figcaption>
BCH Infrastructure, Support, and Adoption
The bitcoin cash ecosystem has seen a good amount of support and adoption these past few weeks as well. One big spike over the past couple weeks is the amount of Bitcoin Cash Meetups taking place across the globe. While perusing through BCH related social media and forums cryptocurrency can see a large variety of BCH Meetups popping up. There are Meetups in San Francisco, Tokyo, London, Amsterdam, Boston, Malaysia, Seattle, Nigeria, Beijing, Johannesburg, Seoul, Brazil, Denver, Hong Kong, Auckland, Toronto, Paris, Oslo, Shenzhen, and many more.
Another interesting announcement for the BCH community is the launch of a bitcoin cash-centric payment platform Atlantis Labs. The platform Atlantis was created by Sumanth Neppalli, and Shravan Shandilya that allows merchants to accept bitcoin cash through a unique API and QR code service. By paying a certain amount of BCH developers and merchants can use the Atlantis Dashboard and integrate an HTML snippet that enables a bitcoin cash merchant checkout. By simply adding the HTML snippet to a website Atlantis claims funds are sent directly to the wallet and the firm cannot “steal, censor, freeze, or check anything related to your payments.”
Additionally, there’s been a whole lot more going on in the BCH universe. The blockchain firm Nchain was approved by the European Patent Office and says BCH developers can use the patent freely. Earlier this week over 50 teams registered to compete for a £5 Million prize by developing a BCH-based tokenization protocol. Bitcoin cash developers announced the chain will be forking next month and increasing the block size to 32 megabytes. Lastly, the hardware wallet company Trezor revealed it has implemented bitcoin cash addresses making it easier for the community to send and receive BCH using that wallet.
The Verdict: BCH Proponents Look More Towards Development and Adoption Rather Than Market Value
Overall the BCH community is positive and continued to bolster the future of this network that enables true “peer-to-peer electronic cash” transactions. Market values have been low but the entire cryptocurrency economy has suffered from the past three months of bearish climate during the ‘Crypto Winter.’ BCH has remained the fourth largest cryptocurrency capitalization the entire time, unlike other coins who have lost their positions these past few months. Moreover, bitcoin cash infrastructure, development, adoption, and support continues to increase even during this bearish season.
Where do you see the price of Bitcoin Cash heading from here? What do you think about the adoption and support gained this week? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Bitstamp, Trading View, Atlantis, and 32 MB hard fork image was created by the Reddit user: Cryptovessel
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