Bitcoin cash is peer-to-peer electronic cash for the internet which is fully decentralized with no financial institution or any intermediaries to operate. It is a hard fork of bitcoin blockchain created to change the underlying mining algorithm for a community of influential miners, developers, investors and users who were against the agreed consensus of SegWit implementation to scale Bitcoin. The beneficial feature of this hard fork is the increase in the block which makes it fast, secure and reliable with low-cost transaction fees. Whilst Bitcoin’s block size was 1 MB, BCH increased the size to 8MB.
Based on the reports from CoinMarketCap, Bitcoin Cash (BCH) is the 6th largest cryptocurrency in the crypto market, with its market cap value trading at USD 2,804,877,269 on March 20 at 11:24 USD which is relatively higher by 30.24% from the value of $2,153,694,538 USD on February 17 at 12:34 UTC. The market value started at $2600 million and had reached a peak value of $3000 million. However, the market had been downtrend until February 18, with its lowest on February 06 of USD 1,994,866,568. The overall market bounced up and has been on an uptrend with inconsequential lows. The market value reached it’s highest recently on March 18 with its MCap value – USD 2,935,613,893. However, the current value shows a minor setback of 4.45% drop since then. The 20-day Exponential Moving Average also shows that the market is an uptrend, with its values rising from USD 2,347,645,524 on February 28 to the current value by a noticeable 19.48%. This significant growth pushes the digital currency into bullish pressure.
Statistics from Coinmarketcap shows that the current price of USD and BTC are $158.63 and 0.03926951 on March 20 at 11:24 UTC. Stats show that the price of BTC and USD have paired up and has been overlapping each other, with the MCap on the lead. The price of BTC started as high as 0.04351910 at the beginning of January 2019 and has dipped by 10.82% to reach the present-day value. Both the pricing of USD and the MCap values have been on a similar wave, with the same level of ups and downs. The market reached its pinnacle on March 18 at 08:34 UTC with its MCap value as high as USD 2,935,613,893, the prices of USD and BTC were $166.06 and 0.04084594. The numbers have been on a stable uptrend with a significant increase in values, and the overall market is booming. The cryptocurrency reached its milestone with the price of USD shooting from USD 122.36 on February 17 to USD 148.21 on February 20, a whopping 21.13% growth within a span of 03 days. For additional forecasts, visit the Price Prediction Of Bitcoin Cash page to know further about the same.
The 14-day Moving Average of this digital currency also exhibits an uptrend with Mcap value increasing from $2,351,406,278 on March 06 to the current value by 19.29%. With the percentage of both the moving averages on a remarkable difference with the present day value and the bullish pressure on the market, the cryptocurrency’s balance is in favor of the buyers with both long term and short term investments. Investors would see a good profit if this market trend continues in the future. Similarly, traders investing in this cryptocurrency will increase the value of both the currency and their investment.