What Are The Reasons For Bitcoin’s Price Rising?

  • November 17, 2020

Bitcoin Cash is a hard fork of Bitcoin. In August 2017, It appeared and was caused by a decision of a group of influential such as miners, developers, investors, and users. Nowadays, it is a P2P decentralized payment system. The idea of BCH is one of the coins and it is used for everyday transactions. Bitcoin Cash developers are decided to change the block size to enable a greater number of transactions that are improved the scalability of cryptocurrency. They have increased it from 1MB to 8 MB. After it is created, BCH quickly became popular. Almost 1,500 blocks were created within a month. Mining pools are including Antpool and ViaBTC that are recognized this cryptocurrency and routed high volumes of hash-rate to mine BCH.

Bitcoin Cash (BCH) Price Analysis

Many members of the cryptocurrency are including Ethereum and Bitcoin miners that do not accept Bitcoin Cash Price at https://www.webull.com/quote/ccc-bchusd. Nevertheless, BCH has become a great investment tool. It is listed on different digital currency exchanges that are including Bitstamp, Coinbase, Gemini, and Kraken.

BCH Price History

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  • It is started at about $200 for 1 BCH. The cryptocurrency is immediately hitting the top of Coinmarketcap. The community must be convinced that was an intentional rise because the price has immediately felled to $700.
  • Each cryptocurrency grew by about 400%. Some prices increased by up to 1,000%. Bitcoin Cash Price was the highest level in the middle of December with a value of $4,091 per coin.
  • The dark days for the crypto market will be started on the 22nd of December. Each project is including Bitcoin, Waves, and others. It began to lose positions. The Bitcoin Cash price fell to $1,000.
  • The previous winter has the worst for the cryptocurrencies market and the prices are being at their lowest. Bitcoin Cash was traded for $80. There was a small development that brought up to $534, but the price has since dropped again.

BCH Technical Analysis

  • The price of Bitcoin Cash is one of the consolidating in a flag formation and it is waiting for a potential breakout.
  • The BCH price is tested at the $200 support level but it is recovered above $300 to form a high at $309 from Bitcoin Cash news. But, the failure of the bulls has continued the uptrend resulted in the current losses below the $210 level.
  • But, if more buyers emerge, the coin will be raised to price levels of $220 and $230. Conversely, if the $200 support level is getting weak, the BCH price maybe finding a new monthly low.

Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.