Although there isn’t much positive momentum across most cryptocurrency markets right now, it seems Bitcoin Cash is getting a lot of attention. Thanks to a hefty value increase over the past 24 hours, the BCH price finally starts to look remotely appealing again. The upcoming hard fork isn’t affecting the market in a negative manner whatsoever.
Bitcoin Cash Price Rise is Interesting
It has been a while since people last discussed the Bitcoin Cash price in a positive manner. This fork of Bitcoin, while still more than viable, has lost a lot of its appeal throughout 2018. That is primarily because all other cryptocurrencies, including Bitcoin, have lost similar amounts of value in the process. Today is shaping up to be an adverse day, which is always intriguing.
Over the past 24 hours, there has been a rather notable BCH price uptrend in both USD and BTC value. A solid 8% gain over Bitcoin and a net rise of 9% in USD value pushes the Bitcoin Cash price back to over $460. That is a pretty solid figure, given the current market conditions. Sustaining this uptrend, however, is a different matter altogether.
It would appear there is some solid momentum across social media pertaining to BCH as well. Mr. Scatman is confident the Bitcoin ecosystem is still in a good place, even if that means Bitcoin Cash will win out. Now that BCH supports smart contracts as well, an interesting situation is created.
I'm confident that Satoshi Nakamoto Bitcoin, on-chain, will win.#BCH
If smart contracts can be done on-chain, that's far superior to an Omni wormhole solution.
Burning BCH is a terrible idea even if the Omni layer was the only solution (which it isn't).
This will all play out.
— Mr. Scatman (@bsmith12251960) November 2, 2018
Due to the upcoming Bitcoin Cash hard fork, Poloniex has announced it will disable deposits and withdrawals later today. That is only normal, as network disruption is the last thing any exchange wants to deal with at this stage. It shouldn’t take more than a few hours until all services are resumed once again.
@Poloniex BCH deposits and withdrawals will be disabled today (Friday) at 7:00 PM UTC to conduct maintenance in preparation for the upcoming hard-fork. We will let you know when the wallet has been re-enabled.#bitcoinsv #bch
— Steve chatter (@stevechatter_) November 2, 2018
Speaking of the hard fork, it remains to be determined what the future impact of this fork will be exactly. Vegard Wikeby isn’t too bothered either way, as long as the Bitcoin Cash concept succeeds in any case. No one expects a major network or community split to materialize, albeit one never knows what the future holds in this regard.
I do believe and think at this point that @BitcoinSVNode is the way back to the future. The future that we lost and we have a chance to regain.
I do on the other hand #BCH will survive no matter what direction it takes from the 15th, what's important is that we keep HF's coming.
— Vegard Wikeby (@vegardwikeby) November 2, 2018
Current trends seem to indicate the Bitcoin Cash price will continue to rise for some time to come. Whether or not $500 is a plausible target, remains very difficult to predict at this time There will be some profit taking eventually, which will undoubtedly push the BCH value back down to $450 or lower before today is over.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.