Is It Too Late to Buy Bitcoin Cash? BCH Price Up 11% as GambleFi Project Reaches $700,000 Milestone
Bitcoin Cash’s ($BCH) price gains over the last seven days have outpaced market leaders Bitcoin and Ethereum.
Since Wednesday May 1, Bitcoin Cash has risen 11% to change hands at a current price of $453. Over the same peiod, the token representing the original unforked Bitcoin ledger, $BTC, has risen 8% and trades at $62,370 as of this writing.
Ethereum ($ETH) lags behind both Bitcoin tokens this week. It only added 3.5% and currently trades at $2,999. It trailed behind its number one competitor Solana ($SOL), which rose a steamy 19% to trade at $146.
Based on its current price, Bitcoin Cash is trading higher than its three-month low of $350 but a long way off its high of $700 over the same period. The coin is currently about $15 short of its 30-day moving average.
This is likely due to a recent selloff, as indicated by the fact that BCH’s relative strength index (RSI) is 37 and falling, just 7 points short of being oversold.
Bitcoin Cash ($BCH) and original Bitcoin ($BTC) are family. In fact, they were technically the same thing before 2017.
However, that year, Bitcoiners formed two distinct factions around a software upgrade calledBitcoin Improvement Proposal (BIP) 91.
The faction that forked from Bitcoin to Bitcoin Cash was in favor of larger block sizes, which reduced fees and allowed the network to process more transactions per second.
Although, bigger block sizes mean miners need more power to do their business.
This makes mining only really viable for universities, private companies and other organizations.
The added speed enabled Bitcoin Cash to become the cryptocurrency of utility for the big block supporters, who see Bitcoin primarily as a means of payments.
Original Bitcoin maxis see Bitcoin more as a store of value.
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