The bitcoin cash (BCH) cryptocurrency was created as a result of the split of the bitcoin network in 2018. It quickly gained popularity, mainly as a means of payment in online stores. Currently, the bitcoin cash market capitalization is almost $10 billion, which gives the coin a high 14th place in the ranking of virtual currencies according to CoinMarketCap. The current price of BCH is hovering around $500. The upward trend we have seen since the beginning of the year shows that demand for the token is still strong. Since January 2024, the coin has increased by around 96%. Such an outcome deserves attention, especially as the bitcoin halving is approaching, which could further increase the value of bitcoin cash.
Current market dynamics and growth of bitcoin cash
Read our article. In it, we look at predictions about the price movements of this popular cryptocurrency. We discuss them in the context of the historical development of the course, upcoming important events and key aspects of the project.
Since the beginning of 2024, bitcoin cash (BCH) has been on the rise, demonstrating strong interest in the cryptocurrency. The value of BCH has increased by around 96% since the beginning of the year, highlighting the coin’s growing appeal and strength against the market. Although the price of BCH temporarily dropped to $359 in March 2024 and was followed by a strong correction after the peak on April 7, 2024, the token remains on an upward trend.
The current price of bitcoin cash is trading above $500. Interestingly, BCH’s recovery is part of a broader market recovery. After the crypto winter of 2022, investors are once again eager to put their capital in digital coins.
Optimistic price predictions indicate that the coin’s value could reach as high as $1641 by the end of 2024. This means that bitcoin cash still offers many opportunities for investors looking for explosive growth.
Bitcoin Cash Potential and External Influences
Bitcoin cash and bitcoin have more in common than just the name. Both cryptocurrencies use the Proof-of-Work model, and their maximum supply is 21 million units. (2) That doesn’t mean they’re identical, though.
Although bitcoin cash works similarly to BTC in many ways, the primary difference is the larger block size in which transactions are recorded on the blockchain network. In addition, while bitcoin is used to store value, BCH is a globally recognized means of payment.
It features fast payment processing and low cost. Importantly, increasing the block size increases the efficiency of transactions. This makes BCH attracting attention in the market for a number of reasons that go beyond current performance.
The recent rise in the price of BCH has raised expectations about its future potential.
Additionally, the introduction of the Simple Ledger Protocol (SLP), which enables the creation of new coins, further enhances its versatility and appeal. (3)
One of the key external factors affecting the future of bitcoin cash is the upcoming fourth bitcoin halving, scheduled for April 2024.
In the past, halvings have been catalysts for price increases for related cryptocurrencies. We expect BCH to take advantage of this trend as well.
The supply restriction that occurs as a result of halving usually leads to an increase in the value of virtual currencies, which can affect the price of bitcoin cash.
Bitcoin Cash Price History
Let’s take a look at the price history of bitcoin cash (BCH) to understand what factors influence its volatility and how the past can help us predict future trends. Bitcoin cash debuted on the cryptocurrency market in early August 2017, as a result of a bitcoin network split (hard fork).
Within months of its inception, it peaked during the crypto boom of 2017. Its price rose to $3785.82 in December 2017. (4) However, this rapid increase was also quickly erased when the price fell to around $100.
In 2018 and 2019, the value of bitcoin cash remained in a relatively narrow price range: between $100 and $250. It was only in March 2020, in the face of the global pandemic, that we observed another sharp decline. Soon, however, a retreat from the downward trend could be noticed. Already in June 2020, the price started to grow and broke the $400 barrier. Although the following months brought some declines, by the end of the year the price had stabilized at around $195.
The beginning of 2021 brought another wave of growth. In April, the bitcoin cash exchange rate crossed the $700 threshold, and in May it reached an all-time high of over $1500. Interestingly, there was a correction in the same month, which lowered the value of the coin to around $400. Despite successive ups and downs, the year ended with a price of around $550.
Bitcoin cash is in the top fifteen most popular cryptocurrencies. It has a market capitalization of almost $10 billion. There is no denying that it is a coin with great potential. Fans of digital currencies have high hopes for the bitcoin cash network. What’s more, the price forecasts are optimistic. In our predictions, we use a combination of different methods, such as fundamental and technical analysis, to best understand possible future trends.
Still, remember that it is impossible to predict the future with one hundred percent certainty. The virtual currency market is influenced by many variables (e.g., regulation, technological innovation, cryptocurrency adoption) that affect the dynamics of the industry.
Despite the uncertainty, one thing seems certain: the digital coin sector has promising growth potential ahead. Our forecasts indicate that by the end of 2024, the price of bitcoin cash could fluctuate between $460 and $1641. We expect further increases in the coming years.
