Bitcoin Cash (BCH) is not for the faint of heart - the coin is constantly attacked, yet produces appealing results on some occasions, growing strongly. Once again, BCH reached above $1,500, adding another 11% overnight. Trading volumes have expanded to $1.3 billion.
!Bitcoin Cash!
The immediate reason behind the latest spike is the addition of BCH to the London Block Exchange, thus making BCH gain another fiat on-ramp. While it is possible to get BCH directly for cash, most of its pricing is formed on the Asian markets, and on leading Korean exchanges.
The London Block Exchange offers OTC functionalities on its app, thus creating an easier approach to moving between fiat and crypto coins. OTC trading has been seen as alternative to centralized exchanges and order books, but remains riskier. Until now, British Pound holders had few opportunities to pay directly for crypto.
In the past weeks, BCH suffered bad publicity after Roger Ver switched around the naming of the digital assets, to what some believed was highly misleading. Since then, the old naming was recovered:
https://twitter.com/theonevortex/status/991284259171127297
And while BCH is met with criticism for having a relatively low number of transactions - even below those of Litecoin (LTC) or Dogecoin (DOGE), the network remains low-fee. Bitcoin transactions cost 19 times more than BCH transactions, according to Coindance statistics.
The Bitcoin Cash network is also seeing a very gradual climb of hashing power. Since the fall of last year, the hashing power has grown four times, but still lags behind peak times. The reason for this is that a few loyal pools support the network. For other miners, BCH is not as profitable to mine as BTC. Additionally, the depressed price of BCH in the past months has discouraged miners.
For BCH, a price of $3,000 is seen as a realistic target with a renewed bull run.
This article appeared first on Cryptovest
