Bitcoin cash (BCH) has shown a considerable hike since March,2018 and it is now trading at $1,000 USD. The convenience in getting easily converted into cash, higher trading volumes, and a community filled with enthusiastic supporters are derived to be the major reasons for the rise.
Bitcoin Cash has mounted up to $1,000, first since the month of March. A profit of approximately 60% is a speculated worth that has been derived from the April’s drop.
Earlier, Brian Kelly of CNBC, strongly enforced his opinion of buying Bitcoin Cash with all the worth one has. This was considered a bit controversial and he had to provide reasons for such a choice.
He proclaims and praises the way in which bitcoin core and Bitcoin Cash work hand in hand. According to him, Bitcoin Cash is like a Monty Python Zone. He said, “Bitcoin Cash has been left for dead. It’s gotten absolutely crushed, so maybe it’s mostly dead but it’s not dead yet!”
Even though the fear of the increased volatility amidst the traders lowered down the prices, the cheaper rates with a high executing market was a smart choice for making money. A fall of about 75% was seen in early 2018 and now Kelly defines the scenario by saying, “We’ve got a potential breakout coming. We’ve got increasing volume”. He is also a believer of buying low and selling high.
Analysts have found the reasons for the hike. The tax paying season came to an end and it is believed that the profits of 2017 with huge tax gains were making the people hold off their investments in order to pay.
The believers of BCH do not see this rise as a surprising event. The efficiency of the network, its quick and fast service and minimal transaction cost makes the traders choose BCH. The BCH community knew that the fall won’t last long and all the lows would soon get better to fill in the void.