In data recently obtained from Coinmarketcap, Bitcoin Cash is the fifth most valuable cryptocurrency, with a daily trading volume of about $1.4 billion dollars, and a market capitalization at $4.4 billion.
Its price movement has been less exposed to high volatility, unlike its older cousin (Bitcoin). BCH has risen significantly in its price, since March 13th, when it was trading at $152, to its present level at $239.
Bitcoin Cash just recently breached the resistance level of $235, and as it did so, crypto traders and investors moved their focus to BCH breaking the $250 strong resistance level.
What you need to know
Bitcoin Cash is a crypto asset designed around 2017, from a fork of Bitcoin. Unlike Bitcoin, it has a much bigger capacity of blocks, allowing more transactions to be carried on its blockchain.
Like the flagship cryptocurrency, Bitcoin Cash is a cryptocurrency with its own ledger system or blockchain, and limited supply of about 21 million.
The major difference between Bitcoin and Bitcoin Cash is that the latter offers cheaper transfer fees (around 20 cents) per transaction, making it more attractive to active traders and investors who transact crypto more often. Bitcoin cash is often also called Bcash.
In addition, Bitcoin Cash can be traded on leading crypto exchanges that include Binance, Bitstamp, Coinbase and Kraken.
Meanwhile, a leading American asset manager plans to launch an investment fund that could invest as much as 5% of its net assets in Bitcoin futures listed on the Chicago Mercantile Exchange.
Cryptocurrency fans have long debated that a Bitcoin ETF would give the cryptocurrency community more bragging rights, but America’s SEC had nullified many prior proposals.
“The SEC has highlighted numerous concerns about Bitcoin ETFs directly, and is unlikely to approve something that explicitly tracks Bitcoin,” said Todd Rosenbluth, CFRA Research’s head of ETF and mutual fund research.