Bitcoin Cash — is it a good investment?
Bitcoin Cash (BCH) was launched in August 2017 as a result of the Bitcoin blockchain (BTC) hardfork. A hardfork is essentially a blockchain split into two parts, each of which becomes its own cryptocurrency with its own unique blockchain.
Unlike a softfork, which is a blockchain update, where only one of the dividing parts of the blockchain remains valid. Thus, when the fork occurs, anyone who holds BTC will receive the same amount of BCH.
History of Bitcoin Cash
BCH was launched in August 2017 and was worth $240. This was a time that coincided with the famous bullrun. Thus, Bitcoin cash’s current price rose and peaked on December 20, 2017 at $4,355. In early 2018, like many other cryptocurrencies, there was a correction. By February, it dipped below $800. By May, however, it had risen above the $1,600 mark. As struggles in the BCH community gained momentum (culminating in the Bitcoin SV hardfork), Bitcoin cash crypto price fell. This led to a record low of $75 in December 2018.
Since then, Bitcoin cash token price has remained relatively stable. Between January 2019 and January 2021, it hasn’t dropped below $100 or risen above $500. Even halving hasn’t had much of an effect on Bitcoin cash price charts. However, it did see a price spike in January 2021, supported by an increase in BTC prices. On January 10, its BCH to usd price briefly soared above the $600 mark, the highest price in two years. Can this bullish sentiment be sustained?
Is Bitcoin Cash a good investment?
Asking this question makes you want to know if you can really get a big return for the money you invest. So, what do some crypto analysts think will happen to the price of BCH in the coming years?
Bitcoin cash price prediction
- Prime XBT predicts that BCH will reach around $1,100 by 2025.
- Digital Coin Price is more optimistic, they predict that BCH could surpass the $2,500 mark by 2025.
- Wallet Investors are not as confident about the cryptocurrency’s prospects. They indicate that the price of BCH will remain relatively static, it will be around $540 in 2025.
- Long Forecast is even less optimistic. They predict that the price of BCH will fall by 2025 and will be around $350.
As you can see, the forecasts of the Bitcoin cash coin price chart seem to be a bit ambiguous, but what is our opinion?
Bitcoin cash coin news and the future of the project
The success of cryptocurrencies largely depends on BTC, and BCH is no exception. There are other promising projects like Chia. Indeed, it has been known as an altcoin with one of the strongest price correlations to BTC. Thus, historically, if BTC went bullish, BCH was likely to follow the trend, and if BTC went bearish, BCH was likely to do the same.
Disagreements within the BCH community have also hindered its development. However, as a real cryptocurrency that can be spent, its shorter transaction times and larger block sizes certainly give it an advantage over BTC.
As the popularity of the currency becomes more evident, and more people hopefully start to actually use the cryptocurrency rather than seeing it as storage, this could bode well for BCH. Therefore, we are quite optimistic about long-term investments in BCH.