The forking of Bitcoin Cash (BCH) from the original Bitcoin (BTC) saw the coin retain the best aspects of the mother coin and when looking at the two from the trading view, you cannot fail to notice the correlation between their price movements. However, in terms of adoption, BCH lags behind but appears to attract attention with new developments coming up.
BCH has been experiencing marginal price drops that clearly indicate an upsurge is eminent. The coin is opening up space for building projects and a few exciting ones are coming up and this appears to boost the price and the bullish buildup could end on a breakout before the end of Q4.
BCH price has been steady and the last 24 hour-trading session has seen it gain by 2.09% to trade at $547.42. BCH and LTC are the best performers among the top 10 ranked coins today safe for USDT which is a stable coin. The spike comes after Gemini exchange stressed it is listing the two coin starting with LTC on October 13.
Recent Bitcoin Cash Boost from Bitmain
The Bitmain IPO news has seen a lot of interest on BCH and this will have long term implications and will also determine the direction the coin price takes. He news swathe price hit the $500 threshold after days of trading under the mark and has extended further north and could mean closing the year above the $600 territory.
Bitmain Technologies profitability has been the key focal point and the financial statements show a healthy firm that will add more investor confidence on BCH. The firm’s profits grew by 900% the first half of last year and to date they have made over $740million, a figure that presents a huge potential for the firm and should give the BCH holder more confidence going to the future.
Anticipated Bitcoin Cash Support from Gemini
Following a revelation that the Winklevoss twins owned Gemini exchange is adding BCH alongside LTC to its platform, BCH visibility and increased demand is in sight. Gemini has been cleared by the SEC and protects investors against market and price manipulation. This will increase BCH demand with price correlation with BTC expected to hold. Addition of the coin will boost its liquidity levels in the market and make it possible to be paired with the USD.
Gemini @Gemini Replying to @Stah021
We announced during the Litecoin Summit that we would be launching LTC support on October 13th. We’ve already received regulatory approval to list BCH but haven’t announced a launch date as of yet. We will be sure to let everyone know when BCH is available for trading.”
-26 September, 2018
Gemini is fully licensed NYSDFS and any crypto asset listed on it means they have the SEC backing and have access to a larger market exposure which increases adoption. Gemini is also positioning itself for the increasing crypto uptake and will be a good BCH gateway and a pairing opportunity with BTC and LTC.
Bitcoin Cash (BCH) Name Service Unveiled
Portal Network, a market leader in the development of networks has been working behind the scenes on the Bitcoin Cash network and has come out with some good news. They have unveiled the Bitcoin Cash Name Service that will be used to give the BCH addresses a name that can be read by humans.
This could be a ground breaking innovation that will see crypto users use names as opposed to the randomly generated addresses. The system will create simple names like James.bch. This will make the management of BCH easy and straightforward. This is a Bitcoin Cash use case with more in the offing.
This comes days after revelation of Cash-AD, an open protocol that will see Bitcoin Cash goers use BCH key pairings to identify themselves. This will goa long way in ensuring log in details cannot be hack and log in details used fraudulently. The Cash-ID will protect data and password breached making your online presence secure and safe.