Chart for BCH/BTC
Bitcoin Cash (BCH) is about to go through a critical hard fork. Just before that hard fork, a lot of investors have started hoarding Bitcoin Cash (BCH) in order to receive the free coin. During the last few months, Bitcoin Cash (BCH) vs. Bitcoin (BTC) debates have been on a rise. Bitcoin Cash (BCH) evangelist, Roger Ver has been explaining on different forums how Bitcoin Cash (BCH) is more spendable compared to Bitcoin (BTC). This recent development in the form of a price boost just before a hard fork would also have its impact on the BCH vs. BTC debate. As the BCH/BTC weekly chart shows, Bitcoin Cash (BCH) made an impressive move against Bitcoin (BTC) last week and is now struggling to get past the 21 Week EMA.
Soon as the price breaks the 21 EMA resistances, it will have no barrier in its way to shoot towards the top of the channel. Considering that the altcoin rally is about to begin if it has not started already, we may see Bitcoin Cash (BCH) gaining against Bitcoin (BTC) for the next few months till it reaches an all time high. MACD for the above chart already confirms a breakout and points to continue upside in the weeks to come. Roger Ver also recently announced plans to launch his own exchange. He already owns Bitcoin.com and if this exchange were to do something with Bitcoin.com it is likely to get a lot of traction.
Chart for BCH/USD
We don’t know yet if Bitcoin Cash (BCH) would or should reach mass adoption in the near future. However, we do know that these measures are going to help the price appreciate at least for in the near future. The number of people using Bitcoin (BTC) for online payments has dropped significantly as the transaction fees have gone over the roof. Pretty much every online merchant that accepts Bitcoin Cash (BCH) sees its customers opting for Bitcoin Cash (BCH) more than they opt for Bitcoin (BTC). This does not necessarily mean that people believe that Bitcoin Cash (BCH) is a better investment, but that they believe that it is more spendable. The transaction costs for Bitcoin Cash (BCH) are very affordable which is why we still see forks like Bitcoin Cash (BCH) and Litecoin (LTC) having a strong use case and reason for existence in the market.
Bitcoin (BTC) set out to resolve the double spending problem. Some people are going to think that if there are more than 1000 cryptocurrencies in the market, has it solved that problem or worsened it? Now, the truth of the matter is that there was supposed to be only one universally accepted digital currency, Bitcoin (BTC). That has still not changed. All these cryptocurrencies like Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) may continue to have their own distinct use cases but they are not going to challenge the position of Bitcoin (BTC) as a standard.