Bitcoin (BTC) is indeed the top cryptocurrency globally, but we cannot ignore its sibling cryptocurrency, Bitcoin Cash (BCH).
The current market price of Bitcoin Cash is $524.46 with a 24-hour trading volume of $4.14 billion, and it is currently the 13th best crypto in the world with a market capitalization of $9.80 billion. According to the analytics, the trading volume on Bitcoin Cash is outpacing the volume on the Bitcoin network at a ratio of 10:1, although its market cap is just a fraction of that of Bitcoin.
Bitcoin Cash was started in 2017 after the Bitcoin community split into two. One group wanted Bitcoin to be a store of value, while the other group favored developing Bitcoin as a peer-to-peer transaction vehicle. That split gave rise to Bitcoin Cash. BCH was supported by early Bitcoin investors like Roger Ver, who claimed at that time that Bitcoin’s block size limit could inhibit its ability to scale. BCH is the most significant Bitcoin fork, measured in terms of active users and Market capitalization.
It is noticed that there are already much more transactions occurring on the Bitcoin Cash network compared to the Bitcoin network, and with time, more people are going to trade on the Bitcoin Cash network than the Bitcoin network. Talking about the transaction fees, it is much lower in the Bitcoin Cash network, i.e., $0.0033, while the transaction fee for Bitcoin is more than $17.
Bitcoin Cash is the peer-to-peer e-cash that brings more economic freedom to every individual in the world because we do not need a custodian to hold it like BTC. Bitcoin Cash can be spent in the restaurants, gas stations, and supermarkets of the selected countries due to its low transaction fee, but Bitcoin cannot be used for the same due to its high fee.
BCH is expected to reach its highest price in September 2021. According to the predictions, Bitcoin Cash will have an upward trend this year where it will be trading above $500 only. It is even expected to cross its $1000 mark by the end of the year.