Our Bitcoin Cash price (BCH-USD) suggests that there is still some gas left in the tank. Since the start of the year, BCH price has been in a huge uptrend. This has translated into more than 58% price gain for the top Bitcoin fork. At the time of writing, BCH is trading at $152.
What Is Bitcoin Cash?
In 2017, Bitcoin network started to have scalability issues due to a sudden surge in adoption. There happened to be a disagreement in the Bitcoin community about tackling these issues. That’s when a group forked Bitcoin by making some changes to its code and launched Bitcoin Cash.
The major difference between Bitcoin vs Bitcoin Cash is their block size. While the legacy Bitcoin blockchain has a block size of 1 MB, the Bitcoin Cash blockchain has an increased size of 8 MB. You can buy Bitcoin Cash and other altcoins by signing up on Binance.
BCH News Today
Since BTC has become the most dominant chain, there has been very little Bitcoin Cash news lately. Nevertheless, BCH-USD still remains one of the biggest cryptocurrencies, with a market cap of $2.9 billion. This makes it the 29th biggest digital asset in the world.
As per recent news, EY has announced a 4th generation blockchain analyzer that will also support the Bitcoin Cash blockchain. Other supported currencies include Dogecoin, Bitcoin, Ethereum, and Ethereum Classic. In other news, MT. Gox has also given a choice to their creditors to accept payouts in Bitcoin Cash along with Bitcoin and Cash.
Bitcoin Cash Price Chart – Daily
Technical analysis of BCH to USD chart shows that the price has shown a significant recovery since the start of 2023. After grabbing the liquidity below July lows in November 2022, the price reversed with strength. The price has also broken above the 200-day moving average and flipped it into support.
If the market dynamics remain favorable, I expect the Bitcoin Cash price prediction of $165 to be validated very soon. This is because there is no major resistance between the current price of $152 and $165. This price target comes into play by the confluence of the 0.618 Fib level and the July 2022 high.