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There has only been one mover and shaker in the world of cryptocurrencies over the past month or so. All eyes have been on Bitcoin while its smaller siblings have been eroded as altcoins remain in deep hibernation.
Big Potential on Bitcoin Cash Chart
BCH is one of today’s top crypto assets in terms of 24 hour gains. From a weekend low of $308, Bitcoin Cash has surged over 10 percent to hit an intraday high of $340 during Sunday trading. Monday has seen a pullback to around $330 which is still outperforming most of the other altcoins.
BCH has reclaimed fourth place in terms of market capitalization which is just below $6 billion. Crypto trader ‘DonAlt’ has been scouring the altcoin charts and has highlighted the BCH weekly chart as the one with the most potential.
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here.”
This is one of the charts with the most potential out there right now.
Looks as if it wants to pull a BTC like run soon.
As long as it can close through resistance (0.035) I'll suspect BCH is going to retest blue (0.075) which would be + 150% from here. pic.twitter.com/igJzVBauEw— DonAlt (@CryptoDonAlt) August 11, 2019
Nearly all altcoin to BTC pairs have potential however since Bitcoin dominance is still so high. It would need to drop into the mid-60% range or lower before any of the alts, BCH included, registered any gains from their big brother. On a shorter time frame Bitcoin Cash is testing resistance as noted by CNBC trader ‘Big Cheds’.
$BCH #BitcoinCash – Testing key resistance pic.twitter.com/AJbCMlI4eN
— Cheds (Trading Quotes) (@BigCheds) August 11, 2019
BCH a Wounded Animal
Bitcoin Cash is one of those controversial digital assets that often draws a lot of ire on crypto social media. As a direct competitor to Bitcoin, it has divided the community and continues to do so two years after it was forked.
RT anchor Max Keiser is one of those Bitcoin maximalists that has no time for any alternative cryptocurrencies. Last week he tweeted that BTC would hit $15k. His latest tweet was rather noxious, labeling the fourth largest digital currency a ‘wounded animal’.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain.”
BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of it’s market cap is the product of manipulation that will be impossible to meaningfully sustain.
— Max Keiser (@maxkeiser) August 12, 2019
The comments drew a number of rebuttals as well as agreements from the crypto community. One user questioned the FUD adding;
“The question is why do they FUD #BCH when there are literally hundreds of real manipulations going on in this space.”
Others agreed in theory but added that there have been some positive moves from the Bitcoin Cash camp such as a shiny new website, branded wallet, integrated exchange, and no more fees.
From a market perspective BCH is still miles away from its big brother. Lulling over 90 percent down from its ATH compared to BTC’s 42 percent, it has a lot of recovery work ahead. As pointed out by ‘DonAlt’ above though, this could make it a good prospective buy with a greater potential for gains.
Image from Shutterstock
