However, after rising from $275 to a peak of $325, the entire cryptocurrency market has now suffered a huge meltdown.
Overall, BCH has lost about 30% since last week and 23% over the last 24 hours.
Will the downtrend continue for much longer? Or will the altcoin market start to recover quicker than BTC?
Let’s take a look at the chart.
Looking at the chart above, we can see that the price of BCH recovered during early August before crashing twice towards the middle and end of the month. Unfortunately, the gains of early August were lost and the price came crawling back down to below $300 in September. At its lowest point during the past month, BCH touched $270 before recovering almost immediately to the $300-$310 level.
Since the start of September, BCH started recovering and even pushed past its 200-day EMA. However, due to Bitcoin’s latest bearish momentum, the coin took a massive hit this week, plunging through all its EMAs and entering a period of freefall down to around $220.
Last week, I mentioned there could be a chance for more upwards movement. However, at the time of writing, that now seems highly unlikely until we have a period of consolidation around the new low.
In August, I mentioned I expected BCH to touch $360 sometime this year if it kept up its positive momentum. Although BCH is now further away from that level, considering the massive volatility currently in the crypto markets, I’m still confident said target can be achieved.
I recently spoke with Bitcoin Cash’s strongest advocate, Roger Ver, and discussed the most recent developments on the horizon for BCH. You can find all the details here, but the most juicy news seems to be the recent spike in adoption due to the implementation of smart contracts. Roger, like myself, believes key components for mass adoption are speed and flexibility. What Bitcoin Cash Oracles offers is a way for any user to easily deploy an “escrow” transaction that can be used to trade globally – without the hassle of trusting the other party.
I personally think these “trade escrows” will be key in terms of adoption, especially for work-related tasks. In a way, they do enable milestone-based funding, which may be the new and better way of conducting ICOs instead of simply creating an extra layer of complexity with STOs that require KYC and accreditation – something that goes against what we should be promoting within the crypto ecosystem.
Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents:
US Dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese Yen – BCHtoJPY
Euro – BCHtoEUR
Australian Dollar – BCHtoAUD
Russian Rouble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.