Bitcoin Cash (BCH) is back with a vengeance - after suffering bad publicity throughout the bear market in February and March. But BCH showed it was capable of fast appreciation, as it added more than 22% to its daily price at one point, appreciating to above $1,402.07.
Volumes for BCH have been picking up in the past weeks, but are still incomparable to the December levels, and there is hardly talk of another “flippening” with Bitcoin. So far, the enthusiasm for BCH is limited, and the growth comes from Korean trading, as in the past.
Network statistics show that the BCH network is gradually increasing its difficulty, to more than 16% of the BTC network, signalling a gathering of miners. Curiously, the BTC.top mining pool has gained an extremely large share of more than 39%.
Additionally, the BCH network still has low fees, according to CoinDance, more than 11% lower in dollar terms compared to the Bitcoin network. BCH proponents pitch the coin as a transactional currency, and now with the CoinText SMS wallet, it may see increased utility:
Additionally, one of the best-used online BTC payment services, BitPay, will be adding Bitcoin Cash soon, widening the presence of the digital asset as “electronic cash”.
But the current price rise may be a short-term phenomenon, in response to the long price depression. However, a return to $3,000 prices is seen as realistic for BCH. In terms of BTC prices, the coin may appreciate further, at least while the altcoin cycle lasts and money seems to be flowing out of Bitcoin. BCH broke away from the tight range around 0.1BTC, and is now moving toward previous peaks around 0.2 BTC.
BCH may end April with further appreciation, and continue the upward trend ahead of a planned May 15 update. The hard fork in May will once again increase the block size to 32 MB. But what would be more important is the hype leading up to the fork, which happens at a very fortunate moment, where altcoins are booming.