Bitcoin Cash (BCH) Rises Despite Risks
The coin, which is also headed for a halving, may go through the event with deeper losses in comparison to Bitcoin (BTC).
Bitcoin Cash (BCH) appreciated by more than 10% overnight, rising to $288.20. BCH is now more than 24% ahead in one week, outpacing even the gains of Bitcoin (BTC), which reached 14%.
BCH, along with Bitcoin SV (BSV) and other Bitcoin forks, has inherited the “halving” that is expected to happen in the summer of 2020. This means that for BCH, the last blocks with high rewards may lead to a significant price rally.
But the expectation is that once the halving happens, the hashrate may drop, along with the price, as in the case of Litecoin (LTC). The Litecoin hashrate fell significantly after the halving, along with the market price.
However, the recent price rally shows that BCH has the potential at least for short-term gains, and the negative opinions are often discounted. Right now, BCH is enjoying expanded volumes, reaching three-month highs. In the past week, trading picked up to as high as $4.3 billion in 24 hours, and on Tuesday remains above $3 billion’s equivalent in 24 hours.
There are still many months to the halving, and in the interim, other events may dictate prices. In the case of BCH, doubts were raised about the presence of an influential miner or a set of miners that were unidentified, but produced more than 50% of blocks.
The current Bitcoin Cash hashrate is up to 2.6 EH/s, still lower than the Bitcoin hashrate, which fell to 86 EH/s. The Bitcoin SV hashrate is around 1.3 EH/s, with significant growth in the past few weeks.
Bitcoin SV, the competitor of BCH, also rose sharply during the latest BTC rally. The BSV ticker now trades at $141.54, on volumes above $832 million’s equivalent in 24 hours.