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Price Analysis

Fears of Centralized Transactions will Have a Short-term Impact on Bitcoin Cash (BCH)

  • There have been reservations among the investors of centralization after the news broke in that half the transactions came from one address.
  • The bullish long term outlook will take the 285 USD mark to above 1000 USD mark.

Bitcoin Cash (BCH) was taken out of Bitcoin (BTC) in 2017 as a separate decentralized, peer-to-peer cryptocurrency. It distinguishes from Bitcoin in terms of Scalability and turnaround time of transactions.

Current Statistics-

Bitcoin cash

  • Bitcoin Cash (BCH) is the 4th largest crypt coin in the current crypto market.
  • The ROI (Return on Investment) of BCH stands at 48.83%.
  • A total of 17,770,488 BCH coins are in current circulation.
  • The current market cap as on 08th May at 08:04 UTC stands at 5,055,299,308 USD.
  • The value of each coin stands at 284.48 USD and 0.04833807 BTC.
  • The 24h volume at the same UTC stands at 1,672,211,980 USD.

Comparison-

Bitcoin Cash (BCH) has performed a large part of the year until now with much consistency. There have been almost no instances of price variations in the price trend of Bitcoin Cash. However, there was a huge rise in the value of Bitcoin Cash on 1st April, when it gained almost 100% of its value in just a week’s time. From that point, the coin started tilting towards up and down. The market cap on 08th April was 5,666,769,047 USD and the value of each coin was 319.87 USD and 0.06159979 USD. The current market cap is 10.79% less than the market cap of the past month.

Prediction-

There was a major story which concerned many existing and upcoming investors of Bitcoin Cash. Around half the transactions done in Bitcoin Cash platform in the last month has been linked to one address. The probable story of centralization and effective trial of market control has worried many investors. This has affected the price movement negatively. We predict the value of each Bitcoin Cash coin to go in the down path. But this phase will move away soon. The value of each coin will go as low as 270 USD and then it will rise having resistances at 305 USD. The long term and medium-term outlook are bullish. By the end of 2019, our prediction goes with 450 USD target. By 2020, the value will be there breaching 1000 USD level.

Conclusion-

In the coming few weeks, the perfect time to lock buying positions will come. Holding the values until 2020 will yield a jackpot to the investors.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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