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May 2017 has become the point of no return for Bitcoin. The amount of data is close to the limit of 1 MB, so the developers were forced to take decisive actions. One part of them suggested simply increasing the size of the blocks by 2 times and removing some of the data from the blockchain, while the other part formulated a concept that solves the problem once and for all.
And it led to BitcoinCash creation. The legendary division of the network took place on August 1, 2017. As a result, a new cryptocurrency with a block size of 8 MB took place. BitcoinCash kept all the advantages of the classic coin and solved the problem of scaling for the next 30-40 years.
The main difference between the forks is in the change of complexity. Revaluation occurs every 6 blocks. In the time equivalent, it’s a period of 40 to 80 minutes. This means that the distribution of rewards between miners is more accurate than in the case of Bitcoin.
Consequently, the price of BitcoinCash is more justified and adjusted in real-time. For traders, it is a chance to earn on volatility. Even with a uniform long-term trend, there are at least 20 local reversals during the day, which is a very interesting factor to the scalp with the tool.
At the beginning of development around the coin were often the scandals. In November, the well-known analyst and crypto trader Roger Ver said that the classic Bitcoin is waiting for the collapse, and a month later BitcoinCash was added to the GDAX exchange, where its price in just a couple of weeks reached 4 thousand USD per coin.
The hype with the background of media attacks did not last long and the asset began to fall in price. Although many traders could increase capital in 5-6 times in just a month, which was previously considered impossible even for Bitcoin.
January 2018 was held in discussions of buying a mansion in Seattle for BitcoinCash by unknown. This was the first application that this cryptocurrency is interesting as a means of payment.
In March of the same year, the electronic service Bitpay added this coin. The reason was the transaction fee of 0%. But even this didn’t save the asset from the rapid cheapening that occurred under the pressure of criticism from Charlie Lee and other outstanding figures of the crypto industry.
And anyway, the cash of BitcoinCash remains very attractive for trading. And though it’s inappropriate to consider an asset for long-term investments, it can bring a good profit at short distances.
Bitcoin was the basis of everything; therefore it’s a canonical coin. So other coins are highly dependent on the current trend for the origin cryptocurrency. BitcoinCash grows in price with the growing Bitcoin expensive and, while with a bear spread, the asset decreases.
But these are not the only factors of influence. Although disputes about the future of BitcoinCash continue from 2017 and most users pay no attention anymore to the sharp attacks of opponents of the currency, such messages harm the exchange rate.
Legislative initiatives also have a strong impact on cryptocurrency quotes. Any proposals to ban or restrict digital money transactions will result in a decrease in the value of the asset.
Another crucial point is demand. The capitalization of BitcoinCash as of July 2019 was 5 billion USD, which is almost 4 times less than that of Bitcoin. At the same time, more than 50% of the assets are concentrated in the hands of several investors.
This means that the market is pocket and highly susceptible to such a phenomenon as pumps and dumps. It can be difficult for beginners, but experienced traders successfully use such moments to get the maximum profit.
It’s also worth noting that the capitalization of BitcoinCash is in hundreds and sometimes thousands of times more than 98% of altcoins, and this figure is growing. It means that new users are interested in the currency and there is a constant flow of money. Accordingly, there is always an opportunity to trade, but the tool is risky and requires knowledge and experience in crypto trading.
|Bitcoin||Bitcoin / US dolar||100||56002.9|
|BitcoinCash||BitcoinCash / US dolar||35||1459.54|
|Monero||Monero / US dolar||5||438.13|
|Litecoin||Litecoin / US dolar||6||366.84|
|Zcash||Zcash / US dolar||7||288.56|
|Ripple||Ripple / US dolar||0.06||1.42834|
|Ethereum||Ethereum / US dolar||1.1||4018.74|
|IOTA||IOTA / US dolar||0.06||2.0473|
|NEO||NEO / US dolar||5||108.7|
|Ethereum Classic||Ethereum Classic / US dolar||1.1||107.79|
|EOS||EOS / US dolar||0.14||12.444|
|Basic Attention Token||Basic Attention Token / US dolar||0.04||1.31949|
|Altcoin Index||Altcoin Index / US dolar||32||8464.05|
|OMISEGO||OMISEGO / US dolar||0.6||11.595|
|DASH||DASH / US dolar||11||394.2|