Bitcoin Cash’s price gains over the last seven days have outpaced market leaders Bitcoin and Ethereum.
This morning (UTC), Bitcoin Cash ($BCH) blew up 17% in the course of 24 hours. The surge was brief, though, and the coin’s 24-hour gains have since dropped to 8.1%.
However, over the same period, the $BTC token representing the original unforked Bitcoin ledger only rose 3% and trades at $97,271 as of this writing.
Ethereum ($ETH) is between both Bitcoin tokens this week. It added 7.3% and currently trades at $3,339.
Based on its current price, Bitcoin Cash is trading higher than its five-month high of $485 but it needs to rally 45% to meet its 2024 high of $700. The coin is currently trading nearly $20 higher than its 30-day moving average.
This is likely due to a whale purchase this morning, as indicated by the near vertical ascent on BCH’s graph.
The coin’s relative strength index (RSI) is 53 and falling, indicating holders are already cashing in from today’s 17% rally.
Bitcoin Cash ($BCH) is Bitcoin ($BTC) for Payments
Bitcoin Cash ($BCH) and original Bitcoin ($BTC) are family. In fact, they were technically the same thing before 2017.
However, that year, Bitcoiners formed two distinct factions around a software upgrade called Bitcoin Improvement Proposal (BIP) 91.
The faction that forked from Bitcoin to Bitcoin Cash was in favor of larger block sizes, which reduced fees and allowed the network to process more transactions per second.
However, bigger block sizes mean miners need more power to do their business.
This makes mining only really viable for universities, private companies and other organizations.
The added speed enabled Bitcoin Cash to become the cryptocurrency of utility for the big block supporters, who saw Bitcoin primarily as a means of payments.
Original Bitcoin maxis see Bitcoin more as a store of value.
As Bitcoin Cash Explodes, More Investors Join The $FLOCK!
Bitcoin Cash is a stalwart of the cryptocurrency space. Given the long history and wide support, it’s fair to assume it’s here to stay.
However, as a member of the establishment, $BCH is not likely to sustain blistering rallies for long, as seen today when its 17% surge quickly cooled to an 8% rally
Investors that are looking for projects with more explosive upside potential, reminiscent of crypto’s early days, can often find it in the weird and wonderful world of micro-cap meme coin ICOs, where many innovative new species of meme coin are just launching.
One new presale is already creating a strong community while raising millions, and it hasn’t hit the open market yet.
This fall, meme coin fans are piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK). In little over a month, the presale has raised more than $2.6 million.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than an opaque centralized authority, like with Turbo.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 802% on the tokens they stake over a two-year period.
Shout out to The Flock!!
Flockerz just passed the 2.5M milestone and The Flock looks like it’s just getting started!
The future of The Flock is looking bright!
— Flockerz (@FlockerzToken) November 20, 2024
Flockerz is a transparent and fully audited project.
That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions to join Bitcoin Cash.
Join now. Follow Flockerz on X and Telegram.
Visit the Flockerz Presale Website
The post Is Bitcoin Cash Joining the Rally? BCH Price Up 17% In A Day appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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