Bitcoin Cash (BCH), the world’s fourth largest digital currency has seen an interesting last 24 hours and many believe that the token could see even more interesting developments as certain activities take shape.
In the early morning trading on Monday BCH was up as much 12% in its trailing 24-hour trading cycle. The reason for this some analysts believe was speculation that BCH was slated to join another virtual currency exchange. The news broke after it emerged that the Gemini Exchange, one of the largest digital currency exchanges in the US, could soon start offering Bitcoin Cash. There is also some indication that the Winklevoss Twins led exchange could also start offering Litecoin.
The news was good enough to add about $119 to the price of BCH on Monday morning. The spike took the digital currency at one point to a high of $1,115.22, one of the highest levels it’s been in a while and a clear sign that all and sundry are now ready to make BCH the next big digital token out there.
Some are not so convinced, though. A few analysts have pointed to the fact that BCH, despite its obvious appeal, has still not done enough to challenge the likes of Ripple, Bitcoin, and Ethereum – all of which are ahead of it in terms of popularity. Some also feel that it could be a case of living forever in the shadow of Bitcoin since many would-be investors seem confused about Bitcoin proper, and Bitcoin Cash. A few investors have even openly confessed that they bought BCH all the whole thinking they were getting into Bitcoin.
The renewed interest in BCH is a good catalyst for a potential return to the token’s recent highs. 7 days ago, on March 5, BCH reached a high of $1,281.53, prompting a surge in speculation that the price would maybe challenge $1,500. But that didn’t actually materialize as BCH dropped progressively over the next few days and by March 9 it reached a low of $955.66. There was some recovery which brought the token back up to $1,080.70 before another sell-off took BCH down to $991.95 on March 11.
The story until now has been one of organic spikes and declines. The hope by investors now is that with the push by BCH to join Gemini Exchange, there will be a boosting of long-term confidence which should it stick, will send BCH into much stable highs.