Bitcoin Cash (BCH) is a phoenix rising from the ashes today. This digital currency has managed to survive the recent crypto market downturn, and come out with a much better price gain on the other side than some of its competitors. At the time of writing, it is up 23% from its price one day ago.
That’s the best 24-hour gain out of all the top 30 most valuable coins on the market.
Why is Bitcoin Cash (BCH) exiting the correction so smoothly?
There’s really no way to tell. At the moment, it isn’t clear whether there was some specific news story that buoyed this coin higher than the rest. We can’t pinpoint any sort of public information that is causing this boost.
But what is interesting is that coins like IOTA (MIOTA) are repeatedly making announcements that show they are further along in their development journey. Bitcoin Cash, on the other hand, is already a fully functioning, established coin with just a single purpose – to be a fast and cheap alternative to Bitcoin (BTC).
But at this point in BCH’s life, the team is pretty much just making slight improvements to the scalability and efficiency of this crypto network – they aren’t really working on anything new or exciting to get investors amped up.
Yeah, they did just start getting accepted on OpenBazaar, but how can that stand up to the launch of LitePay?
Bitcoin Cash is making some small enhancements
This coin does, in fact, have a lot of plans for 2018 – but they aren’t that expansive. They are just making a good coin better, and ensuring that the project works well. As the team puts it:
“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should “just work”, without complications or hassles.”
There will be two protocol updates this year, one in mid-May and the second in mid-November. During those, they will do things like boost the default block size and touches here and there.
But how can those activities compete with hot altcoins
There are a ton of up-and-coming altcoins on the market that have massive growth potential and offer a ton of superior features over BCH. Sure, this coin has a lot of advantages over Bitcoin (BTC), but Bitcoin Diamond (BCD) actually has a better privacy add-on.
And we can’t forget about coins like Nano (XRB), VeChain (VEN) and ZCash (ZEC) – which all basically do the same thing as BCH. How can Bitcoin Cash compete with up-and-comers that are consistently launching new and innovative features, while BCH has to just sit there and compete with basic transactional coins.
What do you guys think?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.