Bitcoin Cash (BCH) is a cryptocurrency that was born in 2017, following a split from Bitcoin (BTC). It differs from Bitcoin in its ability to handle more transactions per second, thanks to a larger block size. Bitcoin Cash wants to be a digital currency daily usableproposing a fee of weak transactions and an quick confirmation.
A History of Fluctuations and Aspirations
Bitcoin Cash has experienced significant fluctuations since its inception. It reached its all-time high in December 2017, over $4000, before collapsing in 2018. It then saw a comeback in 2020exceeding $500 in AugustThen $700 in February 2021. However, it suffered a strong correction in May 2021falling below $500, then below $400. Since then, Bitcoin Cash struggling to regain momentum.
The price of Bitcoin Cash is difficult to predict accurately, as it depends on many unpredictable factors. However, one can rely on technical analysis and fundamental analysis to get an idea of possible trends.
Technical analysis is the study past price movements of Bitcoin Cash on a chart, in order to identify recurring patterns and key indicators. Technical analysis makes it possible to determine support and resistance levelsas well as buy or sell signals.
Fundamental analysis consists of assess intrinsic value Bitcoin Cash based on its characteristics, potential and environment. Fundamental analysis allows you to measure the performance of Bitcoin Cash against its objectivesas well as its attractiveness compared to its competitors.
Will the price of Bitcoin Cash (BCH) go back to $250?
According to technical analysis, the Bitcoin Cash price is currently in a short-term downtrend. It is moving below its 50-day and 200-day moving average, which are trend indicators. It is also located below the downtrend line that connects the February, April and May highs. The price of Bitcoin Cash must therefore break through these obstacles to reverse the trend.
Over the long term, the price of Bitcoin Cash is in an uptrend since the March 2020 low. It is moving above the uptrend line that connects the March, September and December lows. The price of Bitcoin Cash must therefore stay above this line to maintain the trend.
The chart above shows the price action of Bitcoin Cash, with the trend indicators mentioned. We can see that the price of Bitcoin Cash has experienced a sharp rise between January and February 2021, before falling sharply in May 2021. Since then, the price of Bitcoin Cash fluctuates between $150 and $200, without succeeding in overcoming its 50-day moving average.
According to fundamental analysis, the price of Bitcoin Cash has potential to rise in the future. Bitcoin Cash benefits from several advantages, such as:
- Its loyalty to the original vision of Bitcoinwhich is to be a digital currency peer-to-peer, decentralized and accessible to all.
- Its ability to process more transactions per second than Bitcoin, thanks to its larger block size. Bitcoin Cash can thus offer low transaction fees and an quick confirmationwhich makes it more suitable for everyday payments.
- Its network, which is supported by an active and passionate community, which contributes to its development and promotion. Bitcoin Cash has also from several partners and platforms that facilitate its adoption and use.
- Its innovation which allows it to differentiate itself from other cryptocurrencies and offer unique features. For example, Bitcoin Cash supports smart contractstokens, decentralized applicationsetc.
The graph above compares the price of Bitcoin Cash with that of Bitcoin over one year. We can see that the price of Bitcoin Cash generally follows the same trend as that of Bitcoinbut with a lower amplitude.
So, according to technical analysis, Bitcoin Cash price is currently in a short-term downtrend, but in a long-term uptrend. According to fundamental analysisthe price of Bitcoin Cash has potential to increase in the future, thanks to its strengths and its innovation. The potential of cryptocurrency makes it an attractive asset for investors.
Even Elon loves our memes!
Bitcoin Cash is not the only cryptocurrency that attracts the attention of investors. There are also cryptocurrencies that are based on the fun and humorous aspect of memes, while seeking to redefine the financial world. This is the case of Wall St Memes (WSM), a unique project which represents a movement popular and quirky.
Wall St Memes wants to be the cryptocurrency financial memesby providing a platform where users can create, share and trade memes related to the stock market, cryptocurrencies, companies, personalities, etc.. The goal is to create a close-knit and committed community, who can influence the market and take advantage of trading opportunities. Wall St Memes stands as the king of “stonks”a slang term for stocks or cryptocurrencies that have high value or potential.
The project is inspired movement “WallStreetBets“who made headlines at the start of 2021, by provoking a spectacular increase the price of certain actions such as GameStop or AMC, at the expense of hedge funds. Wall St Memes so wants challenge the traditional financial systemusing humor and creativity as weapons.
Wall St Memes is based on the Ethereum blockchain, and uses the symbol WSM as its native token. The WSM token is used to reward meme creators and sharersas well as to finance project development. The WSM token experienced strong growth since its launch, going from $0.01 to more than $0.5 in a few months. It currently has a market capitalization over $50 million.
The last pre-sale before its arrival on major exchanges is underway. To learn more, visit their website or read their whitepaper.
Source: Be[In]Crypto, Coin Market Cap