Bitcoin Cash Price - BCH Price Index & Live Chart
Bitcoin Cash (BCH) is a peer to peer digital currency that aims to enable efficient and cheap payment transactions. The coin was created in August 2017 as a result of a hard fork from Bitcoin with the intention to increase the transaction block size from 8MB to 32 MB allowing it to process around 25,000 transactions at a time. The network, however, split again into Bitcoin Cash ABC and Bitcoin SV. Bitcoin ABC is now referred to as Bitcoin Cash. The supply of the coin is capped at 21 million and the market capitalisation of the coin is $4.67 billion at the time of writing.
Key Bitcoin Cash Price Metrics
Bitcoin Cash Price Graph & Exchange Rate
Bitcoin Cash (BCH) Price History
Bitcoin Cash was launched in August 2017 as a result of a hard fork from Bitcoin. At the time of the launch, the price of Bitcoin Cash was $900. However, the price plunged to around the $300 mark soon after.
In December 2017, the crypto market was flourishing, and the price of BCH shot up to the $4,000 mark. Not surprisingly, the value of the coin reduced considerably in 2018 but in May 2018, it was observed that the number of daily transactions of the coin exceeded Bitcoin by 10%. The BCH price was around the $1,350 mark at that time.
In November 2018, history kind of repeated itself when there was a rift in the community over the protocol upgrades proposed. A section of the community led by Craig Wright disagreed on the security aspect of the upgrade. The network split into two and the new chain was called Bitcoin SV. The value of the coin steadily declined after that to around the $160 mark by the end of 2018.
In 2019, BCH didn’t perform much in terms of price movement. However, the platform had some significant developments like two upgrades to the BCH chain, heightened usage of SLP protocol and increased adoption by merchants.
In 2020, the market crash due to the COVID-19 pandemic resulted in the value of the coin dropping to around $150. However, Bitcoin Cash proved to be a survivor yet again with the value increasing to a three-month high of $311 in July 2020 and heading back to over $1,500 in 2021.
3 Key Instances for the Evolution of Bitcoin Cash Price
On 15th November 2018, there was a disagreement in the community about an upgrade to the protocol. A group led by Craig Wright was against the changes proposed, claiming the updates would affect the security of the network. The group decided to split from the blockchain into a new chain named Bitcoin SV. Members of the opposing community tried to wipe out Bitcoin Cash by trying to take control of the hash power. They were not successful in the endeavour and now, both coins exist independently of each other.
On 8 April 2020, the Bitcoin Cash network halved its block rewards from 12.5 to 6.25. Roughly 87.6% of all 21 million BCH coins have been mined already and the halving aims to reduce the mining rate. This was the first halving for BCH and was highly awaited and anticipated. The coin rose to a four week high of around $265 the next day. However, the price increase could not be sustained with the value dropping by about 14%, six weeks after the halving.
On 15 November 2020, a group led by Amaury Sechet, proposed an update to the network to include a controversial “Coinbase Rule”. This rule requires that 8% of the mined coins should be redistributed to BCH ABC to finance the protocol development. The other group opposed the rule and the disagreement led to another fork. The two new blockchain networks created are Bitcoin Cash ABC and Bitcoin Cash Node. Only time can tell the impact of this event on the coin.
Key News for Bitcoin Cash Price
Global events and news often influence the cryptocurrency market quite significantly. The recent news regarding the rift in the Bitcoin Cash community could impact the value of the coin in the days to come. Having said that, Bitcoin Cash seems to have emerged as the winner in the conflict for now. It remains to be seen how the events that are unfolding will affect the price of the coin. Any news that has a knock-on effect on the market could potentially sway the price of the coin. For example, the market crash resulting from the uncertainty surrounding the coronavirus pandemic led to a considerable decline in BCH price. However, the coin picked up traction in July when the US regulatory body approved the shares of Bitcoin Cash Trust and allowed for it to be traded under BCHG.
Bitcoin Cash Price Technical Analysis: How to Identify Good Entry/Exit Points when Trading
When investing in Bitcoin Cash, it is important to identify good entry and exit points. You need to be patient before entering into any kind of investment. The potential gains could be high, but then so are the risks. Technical analysis is a good way to generate trading signals that allow you to make informed decisions. Technical analysis focuses on using real data on price and volumes to predict future price movements. Additionally, understanding the mood of the crypto community can be beneficial in making sound BCH trading decisions. For example, when the volume of sales increases, it could mean that the price could go down.
Have a Clear Goal
Having specific targets and clearly defined goals can prevent you from making rash investment choices. A good technique, if applicable, would be to split your objectives into long term and short term ones. Mapping out your investment vision will allow you to design your investment strategy easily. For example, if you have a short term goal like buying a car, you can exit the investment at a time when you have achieved enough profit to realise the target or if you know that BCH value is going to go up in the coming months due to an upgrade, it would be wise to invest in the coin when it is at a considerably lower price.
Make Use of Analysis Tools
There are several technical analysis tools available online that can help you know when is a good time to buy Bitcoin Cash. Technical analysis involves using current and historical information around the price and volume of a coin to predict its future performance. Graphs and charts are great tools to predict price movements. Candlestick chart is one such important tool that is used extensively by trade analysts. You can also use technical analysis indicators like moving averages, relative strength index, resistance and support levels to evaluate the future performance of a coin.
Fundamental and Sentiment Analysis
Sentimental analysis is a key technique that could be a great add-on for your technical analysis. It is essential to understand the mood of the community, especially with respect to any upcoming or past events involving the platform. For example, the rift in the community during the recent upgrade for Bitcoin Cash could have a significant impact on the value of the coin. If you are planning to invest in BCH, then it is important that you use some good sentiment analysis tools around the coin to make sound investment decisions.
Fundamental analysis deals with other aspects of the platform like the transaction speed of the network, the privacy features it offers, and the security aspect. For example, Bitcoin Cash has been improving on its privacy features and this has positively impacted the performance of the coin in the last few years.
Frequently Asked Questions
Bitcoin Cash was created as a result of a hard fork from Bitcoin. The block size of Bitcoin Cash is bigger than that of Bitcoin. Bitcoin and Bitcoin Cash are two independent cryptocurrencies.
Many trade analysts feel optimistic about Bitcoin Cash. It has previously made its way into the top 10 cryptocurrencies by market cap. Bitcoin Cash like Bitcoin has the benefits of being a peer-to-peer decentralised network with advanced privacy features. However, the recent news on yet another community rift could negatively impact the price of the coin.
Yes, to a degree. You can use various analysis tools and methods to predict the possible price movements for Bitcoin Cash. Having said that, even the most experienced trade analysts could get it wrong. Always have a back-up plan when you invest and only invest what you can afford to lose.