Bitcoin Cash (BCH) Price Analysis: Rumors of Centralized Ownership May Push Bitcoin Cash Down

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Bitcoin Cash (BCH) is an open-sourced, anonymous, decentralized and peer-to-peer cryptocurrency. It was taken out of Bitcoin (BTC) in 2017 as a hard fork. But it maintains more speed in transactions and scalability to remain different from Bitcoin. Bitcoin Cash (BCH) has been allegedly run by one anonymous user currently who had embedded the words “Satoshi Nakamoto” in every block he mines. And currently, this user controls 40 % of all the blocks on Bitcoin Cash.

Current Statistics-

Bitcoin cash

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  • Bitcoin Cash (BCH) is the 4th largest coin in the global crypto world.
  • The ROI (Return on Investment) stands at negative 51.38 %.
  • The total number of coins in circulation stands at 17,757,600 BCH.
  • The current market cap of BCH on 1st May 2019 at 03:44 UTC is 4,801,980,027 USD.
  • The value of each BCH coin stands at 270.42 USD and 0.05030288 BTC.
  • The 24h volume stands at 1,960,398,682 USD at the same UTC.

Comparison-

2019 started at 150 USD for Bitcoin Cash (BCH). It managed to sustain the value for a large part of the year until now. Before the onset of April, there were only a few instances of dips. The coin reached its lowest point at 110 USD on January 29th. However, the value changed after 1st April. The gain it made was huge and with gain, BCH also got inconsistency. The coin is now under price correction. The market cap on 1st April was 2,980,414,536 USD. And the value of each coin was 168.35 USD. The current market cap is 61.11 % more than the market cap of 1 month back and the value in USD has increased by 60.62 % in the last 30 days.

Prediction-

Looking at the current trend, we predict the coin to decline further. But the decline will not be a steep one. The gradual dip may go to 210 USD – 215 USD zone. But from there it will surely inflate. The resistance will be there at 255 USD. From there by the end of this quarter, the coin may move to 280 USD level. The long term outlook of BCH is bullish. By the end of 2019, we predict the coin to touch 500 USD. And by 2020, with the growth of BTC, it will go past 3000 USD mark.

Conclusion-

The current trend in price has given a good place to buy BCH. But we advise waiting for at least another 2 weeks to realize the least possible value in order to reap maximum profit by holding for the long term.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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