Why Bitcoin Cash (BCH) price is rising?
Crypto markets are seeing big greens this week as Bitcoin price hits its highest this year after seeing lows for almost 13 months due to Luna de-pegging debacle and FTX exchange bankruptcy. But the news of Blackrock and other asset managers’ filing for Bitcoin ETF with SEC has sparked a life in crypto sphere. This is why, Bitcoin Cash (BCH) is showing a very positive sentiment.
Over the last few days, Bitcoin Cash price has almost doubled, rising from $106 to $200. This increase is a direct impact from Bitcoin making new highs this year with institutional interest peaking in Bitcoin. Taking about market capitalization, BCH is the 20th valuable coin in the crypto sphere with total market capital of $3.7 billion.
Is Bitcoin and Bitcoin Cash same?
Many people confuse if Bitcoin and Bitcoin Cash are the same? No, when we say Bitcoin, it means the coin with the symbol, BTC and when we say Bitcoin Cash, it is the coin with BCH symbol. Bitcoin Cash came into existence after hard forking from Bitcoin in 2017, making it an altcoin. The fees are pretty cheap as compared to Bitcoin. Over the years, Bitcoin (BTC) price exploded exponentially and is currently at $31000 after making an ATH of $69000 but BCH price is at $191 at the time of writing and had an ATH of $1600 in 2021.
When to take profits on BCH during this current rally?
If you have bought BCH under $100 in your portfolio, then with this sudden surge in price, it is better to lock in your profits as price has pumped significantly in a short period of time. After these types of pumps, there is always a pullback. Lock in some profit at around $190-$200 and buy back if the price corrects. If it goes higher at around $300, then you can sell another 30-40% of your portfolio to maximize your profits.
Bitcoin cash (BCH) price prediction:
It is known coin and has been in crypto markets for a long period of time so whenever, Bitcoin moves, BCH performs well. In shorter timeframes, BCH is outperforming Bitcoin, Ethereum and other altcoins. BCH price, in short term. may go around $250-$300 but in longer run when bull market comes, it may surpass its all-time high value of $1600 or may even touch $2000.
Is Bitcoin Cash (BCH) a good investment over long term?
Bitcoin Cash is one of the earliest coins in crypto history and has proved time after time that it can perform well. Nothing can be said with 100% certainty in crypto but looking at the historical trends and technology behind this coin, it seems that it is a good investment and can yield good rewards in next bull cycle. Moreover, its fees for transactions are lower and has great potential for usability.
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