How To Spot Hidden Gems Like Bitcoin Cash (BCH)? — BitKan Insights
How To Buy Bitcoin Cash (BCH) on BitKan Crypto Exchange?
What is Bitcoin Cash ($BCH)?
Bitcoin Cash ($BCH) is a type of cryptocurrency that shares similarities with Bitcoin. It originated as a result of a chain split, driven by a group of dissatisfied Bitcoin developers who had concerns about Bitcoin’s scalability direction. This led to the creation of Bitcoin Cash in August 2017. Subsequently, in November 2018, the Bitcoin Cash community underwent another split, resulting in the emergence of Bitcoin SV (Satoshi Vision) supported by Craig Wright and Calvin Ayre. The Bitcoin SV camp proposed a competing software version that aimed to increase the block size limit to 128MB.
Another significant hard fork occurred on November 15th, 2020, resulting in the launch of Bitcoin Cash ABC (BCHA) on the Bitcoin Cash ABC network. Notably, the BCHA network introduced a miners’ tax, where 8% of mining rewards would be allocated to developers for protocol development.
In essence, the Bitcoin Cash developers were dissatisfied with Bitcoin’s development decisions, particularly the implementation of Segregated Witness (SegWit), which they believed compromised decentralisation. Instead, they advocated for a larger block size to support Bitcoin’s growth as a currency. This led to the split from the Bitcoin blockchain and the creation of Bitcoin Cash, with an increased block capacity limit of 8MB. While Bitcoin proceeded with implementing SegWit, Bitcoin Cash chose not to adopt it. Later, on May 15, 2018, the block size limit for Bitcoin Cash was further increased from 8MB to 32MB. As a result, Bitcoin Cash has the capacity to process 32 times more information per block compared to Bitcoin.
On November 15, 2018, Bitcoin Cash experienced an internal chain split within its community, resulting in the formation of Bitcoin SV. The creators of Bitcoin SV believed that Bitcoin Cash had deviated from the original vision outlined in the Bitcoin Whitepaper, leading them to establish their own coin.
Why did Bitcoin Cash ($BCH) almost tripled its value in 2 weeks?
- BlackRock submitted a filing to the U.S. Securities and Exchange Commission (SEC) seeking approval for a spot Bitcoin exchange-traded fund (ETF).
- Bitcoin Cash ($BCH) gets listed on Fidelity, Charles Schwab, and Citadel-backed EDX Market
- Bullish Trend Observed in the S&P 500 Market
- Temporary Pause in US Interest-Rate Hike Confirmed by Federal Reserve Officials
How to spot similar trends for potential crypto gems?
- Market Sentiment: Monitor the overall market sentiment towards cryptocurrencies and financial markets in general. Positive sentiment can contribute to the upward movement of assets like Bitcoin Cash ($BCH) and the S&P 500.
- Regulatory Environment: Keep an eye on regulatory developments, such as BlackRock’s filing for a Bitcoin ETF approval. Similar regulatory advancements in the cryptocurrency space can impact the market and potentially lead to price increases.
- Institutional Adoption: Note the involvement of prominent institutions like Fidelity, Charles Schwab, and Citadel in the listing of Bitcoin Cash ($BCH) on EDX Market. Institutional support and adoption can bring increased credibility and liquidity to cryptocurrencies.
- Intermarket Relationships: Explore how developments in one market, such as the temporary pause in the US interest-rate hike by the Federal Reserve, can impact other markets like cryptocurrencies. Assess potential correlations or interdependencies between different markets.
- Technical Analysis: Utilise technical analysis techniques to identify chart patterns, price trends, and key support/resistance levels. Technical indicators and tools can help identify potential entry or exit points based on historical price movements.
- Fundamental Analysis: Conduct fundamental analysis by assessing the underlying factors that may have contributed to the price movements. This can involve evaluating the economic landscape, news events, market demand, and supply dynamics.
- Historical Performance: Review historical data and price charts to identify patterns or similarities in price movements. Analyze past market cycles and events that may have influenced the price trajectory of assets like Bitcoin Cash ($BCH) or the S&P 500.
- Market Volatility: Consider the level of market volatility as it can present opportunities for significant price movements. Monitor volatility indices and indicators to gauge the market’s current risk appetite and potential impact on trends.
- Market Analysis Tools: Leverage market analysis tools, news aggregators, and financial research platforms to stay updated on the latest news, market insights, and expert opinions related to the assets of interest.
- Risk Management: Implement proper risk management strategies by diversifying your portfolio, setting stop-loss orders, and maintaining a disciplined approach to trading or investing. Understand that trends can change, and careful risk management is essential.
Remember, spotting trends and making investment decisions involve inherent risks. It’s important to conduct thorough research, consult with financial professionals if needed, and make informed decisions based on your risk tolerance and investment goals.
Where to get BitCoin Cash ($BCH)
Currently Listed on:
- BitKan
- Binance
- MEXC
- OKX
Trade BCH/USDT pairs and more than 1200+ crypto seamlessly on the BitKan trading platform.
Similar Genre as $BCH — Bitcoin Ecosystem (Top Coins)
Bitcoin (BTC) | Market Capitalisation: $605,879,689,508
Internet Computer (IPC) | Market Capitalisation: $1,946,365,078
Stacks (STX) | Market Capitalisation: $1,006,241,815
Bitcoin SV (BSV) | Market Capitalisation: $915,096,749
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