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Highlights
- Bitcoin Cash, a spin-off of Bitcoin, was developed to overcome scaling issues and the high transaction time of the original cryptocurrency.
- Lately, the altcoin is witnessing a downwards trend as its price falls to less than the 600- mark.
- However, the token has the potential of going back to its bullish behaviour.
Created in 2017, Bitcoin Cash is a famous altcoin or a spin-off of the world's largest cryptocurrency, Bitcoin.
Of late, the crypto has not been performing well, and is now looking at bullish forces for its revival. Though at times, it tends to show an upwards trend, the overall month of October has been very average for the altcoin.
Source: Copyright © 2021 Kalkine Media
Bitcoin Cash continues to slip
On 7 October 2021, Bitcoin Cash was valued at US$618.86, but saw a dip on 9 October, when its price was recorded at US$594.23. It continued to hover around the same price for nearly a week when it finally crossed the 600-mark on 16 October and was valued at US$627.26. The crypto climbed to US$643.85 on 21 October.
Related Read: Do you know how much Bitcoin Cash has soared in one year?
However, the crypto had started experiencing a downwards trend since then.
Would Bitcoin Cash (BCH) see a turnaround anytime soon?
It fell to half a thousand mark on 28 October when it traded at US$551.24. And since then, it has not been able to push itself to reach the 600-price level.
Why was Bitcoin Cash developed?
We all know that hard forks are generally developed when a faction within the crypto community disagrees with most network participants on proposed protocol upgrades. They then come together to fork the code and operate their own separate chain.
Interesting Read: The Fickle Beast: The Problem with Bitcoin
The same happened with Bitcoin, which was countless forks, but the most famous being Bitcoin Cash.
It was launched by that faction of the Bitcoin community i.e., miners and developers who wanted to resolve Bitcoin’s scaling issues, high transaction fees and long transaction wait.
Also Read: Why bitcoin mining is disastrous for the environment
Can Bitcoin soar again?
Despite the surging Bitcoin Cash’s price at a record level in October, the crypto remains neutral as of now. It may bounce back to its bullish trend if the coin remains stable with no price reversal.
At the time of writing, on 2 November, Bitcoin Cash with a market cap of above US$11 billion, was trading at US$587.75, up by 1.12% in the last 24 hours.
Bottom Line
Bitcoin Cash with sound fundamentals has the capability of reaching much higher than the current level. Given the market volatility, investors should investigate and analyse a crypto's past and present performance before making any decision.
