Is It Too Late to Buy Bitcoin Cash? BCH Price Surges as New VR Token Secures $3.9M
Altcoin fans are delighted after Bitcoin Cash (BCH) hit a three-year high of over $700 today; at the same time an ongoing ICO for a new VR token raised $4 million.
The last time BCH traded above $700 was on September 5, 2021, when the price was $711.56, according to data by CoinGecko.
Still, in the grand scheme of things, BCH’s current price of $672 is some 82% down from its all-time high of $3,785.82, set on December 20, 2017, following a Coinbase listing announcement.
Given the distance of 7 years and more than $3,000, Bitcoin Cash probably won’t set new all-time highs this year, even if Bitcoin does.
Bitcoin Cash forked from Bitcoin back in 2017 after Bitcoiners formed two distinct factions around a software upgrade known as Bitcoin Improvement Proposal (BIP) 91.
The faction that became Bitcoin Cash were in favor of larger block sizes.
Larger block sizes allow the network to process more transactions per second, however, miners have to use greater hardware to mine blocks. This ups the mining entry level, making it only really viable for universities, private companies and other organizations to run nodes.
Bitcoin Cash came from the faction who see Bitcoin primarily as a means of paying for goods and services, unlike the prevailing philosophy among original Bitcoin maxis who see Bitcoin as a store of value.
Over on the trading chart, BCH grew steadily throughout February.
March’s gains were steeper, but the candles chart a more volatile course through the graph to the present day, where Bitcoin Cash is trading 4.4% higher than it was 24 hours ago as it outpaces market leaders Bitcoin and Ethereum.
BCH is currently trading above its 30-day moving average with a stable Relative Strength Index (RSI) reading of 52.
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