This week the Bitcoin Cash network has gained more infrastructure and support from a variety of crypto-based businesses. Additionally, the digital asset has seen increased trade volume, and its price has been holding steady after the big dip that affected the entire cryptocurrency market ecosystem.
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Bitcoin Cash Markets Consolidate for the Next Move
So far the Bitcoin Cash (BCH) blockchain is 8037 blocks ahead of the core chain (BTC) since it was born on August 1, 2017. At the time of publication, the BCH chain is operating at 11.8 percent of the BTC chain’s difficulty, and it is 4.8 percent more profitable to mine BTC right now. Since the inception of BCH, the digital asset has grown exponentially in value in just a few short months, and today one BCH is averaging $1,225 per token. After this weekend the currency’s market saw a significant spike in trade volume, capturing over $400Mn each day over the past 48 hours. The currency swapped the most with BCH right now is BTC, as it represents roughly 51 percent of BCH trades on February 27. This is followed by tether USDT (20.7%), the USD (16.2%), and the Korean won (8%).
Technical Indicators
Bitcoin Cash markets have seen some gains since the February 25th rally got started, and the price has recovered quite a bit since hitting a low of $760 on February 6. The 100 Simple Moving Average (SMA) is above the longer-term 200 SMA after crossing hairs just a few hours ago. This indicates the path to resistance is on the upside and bulls have a chance to regain the $1,650 high it reached on February 18. RSI and Stochastic oscillators are heading northbound as well following tight correlated movements with BTC market indicators.
Order books show big sell walls in the $1,300 region, but after those walls there seems to be smoother seas ahead. BCH will likely have pit stops in the $1,600 and the psychological $2,000 territory if market prices manage to make it past resistance. On the back side, order books show some solid foundations between $1,200-1,000. If the Displaced Moving Average is broken at $1,000, testing the $700 territory again would be likely. For now, BCH markets look like they will continue to rally northbound with the rest of the digital assets recovering from this past weekend’s losses.
New Infrastructure Support and a Telegram Tip Bot
Bitcoin cash has also gained some infrastructure support this week. For instance, the Indian company Unocoin has launched a multiple cryptocurrency asset exchange and will list BCH. Another popular wallet provider Bread (formally Bread Wallet) has announced its multi-currency client will be released soon with full BCH support.
“We have to build a fully autonomous SPV wallet, and it has to work — We can’t get away with standing up some bitcoin-ABC nodes and changing some RPC calls. That being said, it’s already done and in final testing phase. In fact, if you’d like to test, please email me,” explains a developer from Bread.
In addition to the wallet support, the BCH community now has a beta Telegram tipping-bot called the tipmebchbot. The bot allows Telegram users to tip each other BCH, but the program is in a testing stage for now. “This software is highly experimental and may lead to loss of funds. The author takes no responsibility for your money,” explains the Bot’s Github repository.
Alongside the Telegram bot, BCH fans will soon be able to purchase bitcoin cash using a debit or credit card through the company Paybis. The firm says they are thrilled to announce that customers will be able to use cards to purchase BCH almost instantly with help from its processing partner Simplex. According to Paybis, users will be able to buy $20,000 weekly and $50,000 USD monthly.
BCH Community Remains Positive
Overall bitcoin cash proponents are optimistic the price will regain strength, and more infrastructure will soon follow. Additionally, there are two big conferences dedicated to focusing on the BCH ecosystem coming this spring hosted by Bitcoin Unlimited and the firm Coingeek. Further, there’s been a lot of discussions revolving around the development of ‘colored coins’ and the community has been talking about this subject with great fervor. Lastly, BCH supporters are waiting for Bitpay to implement BCH invoices soon which will open the cryptocurrency to a vast array of merchants and services that accept cryptocurrency payments.
What do you think about the BCH ecosystem growth over the past couple of weeks? Let us know your thoughts in the comments below.
Images via Bitcoin Cash, Tipmebchbot, Unocoin, Bread, and Paybis.
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