Without controversy, a looming split or a torn community, 2021 Bitcoin Cash is excitingly boring. Let's take a look at the market!
Bitcoin Cash is 12th in market cap.
There are three stablecoins ahead of BCH, two meme-coins and one security. How to get to 10th? Given the proximity to the next two coins, I'll say BCH passes UNI and BUSD. But who will cede 9th place? I say the next victim will be Doge before Polkadot. That's a bit of a stretch since Doge is twice the mkt cap of DOT. But Doge is silly and I don't buy Elon's "the most entertaining outcome is the most likely". Plus if that were true, there are more entertaining outcomes.
Why should BCH pass any of these at all, you say?
2. smartBCH launches soon. Maybe you don't know much about how that works, and you're scared of the term 'sidechain' or 'Ethereum Virtual Machine'. That's ok! Let's try this. Do you have friends that love ETH? Tell them this phrase: "The throughput will be as large as one billion gas every 15 seconds". Note their reaction.
3. CoinFLEX is becoming the number one exchange for BCH liquidity. I will remind you: they have the number one SLP by marketcap, FLEX, which is now on page 4 of coingecko:
That's right, an SLP token is in the top 400 coins. CoinFLEX just added all sorts of liquidity by introducing the "Automated Market Maker" (AMM). And for whatever reason, BCH traders picked up on this first. The exchange is very friendly to BCH, and they'll probably be instrumental in the early bridging between BCH and the smartBCH sidechain.
4. BCHG (the Grayscale product) just had its massive premium sucked out of it. I don't have a more updated chart than the one below, but that premium is basically at 0% now, even lower than the line.
On May 7th, 730,000 BCHG shares unlocked and likely have been sold, crushing that premium. What does that mean for the price of BCH? Probably not much, but it's interesting to note that no one's going to be looking at that trade anymore.
Thank you for writing the article, Mike. You're a crypto legend.