Bitcoin Cash Price Moves Up
Bitcoin 2 mins

Bitcoin Cash Price Moves Up as Mining Profitability Favors BCH

Avatar newsbtc 2 years ago

Bitcoin Cash remains a very interesting creature in the world of cryptocurrency. Although the opinions on this altcoin remain divided, no one can argue the value is surging. More specifically, the price per BCH has surpassed $1,500 again overnight. It also appears the mining profitability is slightly in favor of BCH as of right now. An interesting future lies ahead for this particular currency, that much is evident.

In a way, it was a matter of time until Bitcoin Cash saw another ‘pump”. It is hard to classify price momentum like this as it often comes out of the blue. Now that the hard fork has been dialed in properly, things are slowly returning to normal for BCH. That means we may see the price move toward $2,000 before the year is over. It will all depend on how much people are willing to pay for this currency.

More Positive Momentum for Bitcoin Cash

So far, we have seen a 32% increase in price over the past 24 hours. This seems to coincide with Bitcoin Cash becoming more profitable to mine. Although the difference is minuscule between both chains, BCH is the best option at the time of writing. Whether or not enough people care about this 0.2% difference, is doubtful, though. Speaking of the mining situation, an interesting situation is developing. An “unknown” entity is mining nearly half of the network blocks all of a sudden.

Since these blocks do not belong to an official pool, it is interesting to keep an eye on. When the network first launched, we had unknown miners generate 75% of all blocks for a few days. This doesn’t appear to be a repeat process, though. In fact, we see there are several entities labeled as Unknown. All of them use a different coin base text when they find a block. That in itself is pretty interesting, albeit also a bit worrisome. At the same time, it shows greater interest in Bitcoin Cash as a whole.

This upcoming weekend will be rather interesting for all cryptocurrencies. With virtually all top currencies in the green, fireworks are to be expected. Who will come out on top, remains the big question. Right now, the momentum favors BCH, but that can always change at any given moment. Monero has been going strong all week as well, as has Dash. Litecoin might surprise everyone, though, as very few people actively talk about it these days. There is no such thing as a boring day in cryptocurrency.

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