The cryptocurrency market is growing at an increasing rate even though some analysts continue to speculate the market is a bubble. This has raised quite a number of arguments within this industry with crypto enthusiast supporting the idea that prices of altcoins will revert to the normal prices once their fundamental value is identified and accepted widely, this will of course depend on the efficiency of this market to correct the prices.
Bitcoin Cash (BCH) is among the major players in the cryptocurrency markets and quite a number of investors have confused the coin with Satoshi’s, Bitcoin. However, BCH is a mineable decentralized coin that uses the proof of work consensus but different from the popular Bitcoin (BTC) when it comes to block size limits and mining difficult. The digital currency is among the coins that have been consistent with growth in market cap and currently ranks 4th out of over 1500 cryptocurrencies as of press date, it currently consists 4.19% of the total crypto market. The coin uses a proof of work protocol that is relatively efficient when solving computations hence a comfortable position 19 in its algorithmic score, this one of the most important factors that influences miners’ activities towards a particular coin.
Investors’ who are eyeing the BCH as of now would have to part with $634.72 for one coin and this price could vary by over 5% within the next 24 hours, this should not be a surprise given the high volatility related to cryptocurrencies. The Bitcoin Cash (BCH) price been both bullish and bearish managing a min/max of $604.97 and $1,143.59 within the last month; an investor would have made a capital loss or gain of over 40% depending on their timing. The market cap volatility has not been left out given that the general atmosphere within the crypto market affects almost all coins; BCH market cap was as high as $19.46 billion and as low as $10.32 billion between March and April 10, 2018.
One of the main price movers in the crypto arena has been strategic partnerships and so far altcoins that have formed such alliances are realizing value. This is because it boosts investors’ confidence, BCH recently sold its admired domain Bitcoin.io to Hello Group but details on the agreed value are yet to be disclosed. Bitcoin Cash is set to benefit from this sale as Hello Group plans on implementing the site for the marketing purposes of its new trading platform which will focus on exchanging BCH for fiat currency.
Users will now be able to do live analysis of their crypto investments if this project is successful, Hello Group plans on making live and historical records available to investors at no charge. In addition one will be linked to all cryptocurrency markets via one account built on a protocol that allows interaction between coin exchanges globally based on the rules coded in the network. One of the representatives in Hello Group was quite hopeful of this project and the following was their sentiment when asked about this new mile;
The BCH community is still expecting two hard forks in 2018 following a meeting with ABC towards the end of 2017. The ABC team had committed to a similar vision as that Bitcoin Cash (BCH);
“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should ‘just work,’ without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on.”
The two hard forks expected in May and November 2018 are set to improve the block size, enhance the algorithm difficulty when mining and activate some opcodes which play the role of validating transactions.