After hovering around all-time-lows, Bitcoin cash has finally thrown off its slumber. Can Bitcoin’s controversial cousin follow in the market’s path?
A sleeping giant?
This week has seen some giant arise from a crazy slumber. Bitcoin (BTC) smashed through $20,000, then $23,000, then $24,000 and has finally slowed slightly. Then Litecoin (LTC) rammed up from beneath to beat the market and defend its place as a top crypto currency. (And, uh, ETH is cool too).
But there is one top crypto that has been sleeping, until today. On Dec. 20, 2020 (202020, a coincidence? definitely) Bitcoin Cash (BCH) rose 13% to finally break out from under Bitcoin Core’s shadow.
Still much higher than the true all-time-low of $76.93 on Dec 16, 2018, BCH, has been hovering near the bottom of its graph for years.
A trader called “The Market Junkie” pointed out on Twitter that BCH seems near all-time-lows. In the past, BCH-lovers have heavily encouraged the price on social media. According to The Market Junkie, those voices are mysteriously absent. In his opinion, that means it is time to buy.
BCH more than a copycat
Bitcoin Cash was originally a fork of Bitcoin, which unexpectedly showered BTC holders with what some saw as free money. More recently, the UNI token airdrop by Uniswap has drawn comparisons, especially as both tokens infused money and attention into the cryptosphere.
In the past, Bitcoin Cash has seen controversy. Roger Ver, the eccentric crypto impresario who is a Bitcoin Cash evangelist has touted the advantages of the fork. In fact, he often claims BCH to be not only superior to BTC, but the true Bitcoin.
Not surprisingly, Ver was also a driving force behind Bitcoin Cash’s fork, and likely profited mightily from it.
In the past, altcoins followed Bitcoin’s rise with varying degrees of correlation. Since BTC hit $20,000, many speculate that altcoins may follow suit. But will they outperform the king for more than a few days, setting off the frenzied money grab we call Alt Season?
Well, an alt season usually follows a drop in Bitcoin dominance. The metric has seen some shake-ups, but overall remains high.
Still, developer Kim Dotcom of Megaupload infamously tweeted recently he thinks BCH should be priced at $3,000.
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