Bitcoin Cash has had a tough ride crashing in values days after its launch on August 1, but recent price movements have suggested there is considerable life left in markets yet. Prices leapt a astonishing 61.36% at the time of writing to reach $627. Now bitcoin cash is within touching distance of a new all time high many predict growth will continue to allow the chain to directly rival the likes of the Bitcoin blockchain.
“Because the difficulty adjusts only very slowly, bitcoin cash becomes twice as profitable to mine as bitcoin. Hash-per-hash, miners would earn double by mining bitcoin cash,” he said.
This week also sees the difficulty for network being adjusted down by over 60%. Not only will this make mining bitcoin cash much more easier it will also help plough through the backlog of unconfirmed transactions as currently only a fraction of computer power is being dedicated to the network. This is hoped to allow the coin to fulfil its aims of being a spiritual successor to bitcoin, not only serving users much faster but at cheaper prices.
To conclude, bitcoin cash has approached its latest pump which many predict will see prices hit a new all time high. As the trading volume has increased considerably, the current price point is much more sustainable compared to the previous time prices in the $500 range were observed. Currently, over $2 Billion is being traded overnight to further fuel the bull run. Prices are set to be further boosted as the network decreases difficulty allowing many more to mine the cryptocoin thus increasing the power directed to the chain.
You can still cash out your coins by importing your bitcoin wallet keys into the Bitcoin Cash wallet or by using BTC.com’s dedicated web recovery tool. The toll is compatibly with blockchain and a handful of other web wallets so will also allow easy access to your bitcoin cash if you have been unsuccessful so far.