Bitcoin Cash is ranked at #5 on coinmarketcap. The price of BCH rose slight, a rate of 0.79% was noted. The trading volume recorded is $1.444 billion. The supply has 17,924,525 BCH tokens in play as of this moment. The total market cap of Bitcoin Cash is $5.843 billion. The price of BCH is at $326.00.
Today is an auspicious day for BCH enthusiasts. Exactly 2 years ago, in 2017 a fork had led to the creation of the Bitcoin Cash chain. The newer network had a bigger block size [presently at 32MB] and while some argued that led to problems, BCH has seen a decent rate of adoption around the world [it is integrated with Flexa].
I like Bitcoin Cash for its purity of vision. Hardware trends tell us that, if you were happy with Bitcoin at 1MB in 2015, you should be just as happy with much larger blocks today. BCH is exploring how far one can ride these trends. Godspeed! https://t.co/ECbMWdxiuM
— Emin Gün Sirer (@el33th4xor) August 1, 2019
Key resistance for BCH remains at $515, which was a limit attained as a result of a bull run on 26th June. On 14th July, according to the RSI indicator, Bitcoin Cash was in the oversold zone. From 22nd till 26th June, the asset was in the overbought zone.
For now, RSI is at 50.79 which points to a neutral trend. Litecoin, which is higher than Bitcoin Cash in the list, is ahead of BCH by more than $200 million [in terms of market cap]. Resistance near $345 must be broken through if the coin wishes to soar higher.
If you observed the MACD indicator [Fast Length- 12; Slow Length-26], you can see that 24th July marked the start of a buying signal. So the market tends to look bullish, but circumstances may change as volatility increases with time.
Has Bitcoin Cash been able to shake off its critics who label it as a “shitcoin”? Tell us your thoughts.