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As a result, BCH is a faster blockchain that can, in theory, handle more transactions, and do it faster than its ancestor Bitcoin. Bitcoin Cash was officially launched on July 24, , and at the time, it was believed to be a better version of Bitcoin — at least by some.
It attracted enough attention for its price to start growing rather quickly. The price of the coin surged rapidly, reaching its all-time high by December 21, Those familiar with the crypto history likely know that the following year, , was not kind to the industry. In the second half of January , crypto prices started crashing down, which marked the beginning of a year and a half-long crypto winter.
The price of Bitcoin Cash cryptocurrency followed this trend, although it did give its best to resist it. The coin kept dropping as months went by, and it eventually reached the height it had back when it was first launched. Unfortunately, the crypto winter was far from the last problem that the coin experienced.
The project was scheduled to have a hard fork of its own in November , where it would implement new upgrades. But, similarly to how BCH came to be when the community could not agree on what to do with Bitcoin, BCH supporters also could not decide on how to proceed with the project.
The coin saw several upswings in , and even in early At the moment, the Bitcoin Cash trend is not at all similar to the one dictated by Bitcoin , which is interesting, considering that BCH did follow Bitcoin's lead in the past. However, it is worth noting that Bitcoin Cash has recently experienced yet another hard fork as part of its upgrade.
The fork, once again, had a strong impact, although definitely not as strong as the one back in But, eventually, Bitcoin Cash Node emerged as the victor, as Bitcoin Cash ABC received little to no hashpower in the fight for dominance that followed the fork itself.
In essence, Bitcoin Cash is a more competent blockchain than Bitcoin itself, and as such, it could become the main blockchain for making online payments. At least, that is what is possible in theory.
Another thing to note is the current hard fork resolution. Bitcoin Cash Node was against it, and it clearly received a lot more support, judging by the hashpower. This means that the winning blockchain is the one that has decided to not introduce a mining tax on its community, which is likely going to help it attract more attention, and push its price further up.
Furthermore, despite always being controversial, BCH has quite a dedicated fan club these days, which will continue to support the project and give it value. Bitcoin Cash's situation has caused many to become extremely interested in the BCH forecast for the next year, as well as all those that will follow.
When it comes to Bitcoin Cash predictions, there are some experts that are quite bullish. Roger Ver, for example, has previously stated that BCH might see its price double over the following 12 months. Of course, Ver gave this prediction before the latest hard fork happened, and since then, he said that hard forking like this could seriously damage BCH.
One problem with giving accurate Bitcoin Cash price predictions is the fact that BCH is still relatively new. When it comes to BCH, on the other hand, there are only three and a half years, and most of that time was filled with events that impacted the price quite sharply, without allowing it to follow its natural flow.