Bitcoin is the largest cryptocurrency in the world. However, its price fluctuates below $22K. BCH, the daughter token of Bitcoin, recently saw some green bars and soared by 7%.
BCH is the Bitcoin hard fork. It’s structurally and technical development matches those of Bitcoin. However, there’s just one notable difference between these two digital tokens, which is Block Size.
A segregated option wasn’t the right solution for the scaling issue of BTC. The problem was solved by SegWit, which they found to be a loophole. The dawn of Bitcoin Cash was thus born.
Every block that is created in the cryptocurrency’s transaction system stores approximately 8MB of information. Additionally, the average transaction speed of BCH is around 116 per second. BCH can process these transactions at a speed that is sufficient.
For larger block sizes, you need to have more processing speed. These block sizes are essential to provide support for the network’s nodes. The token is still gaining popularity since August 2017, when it was created.
Bitcoin Fights To Get $22K Mark
Bitcoin is not showing any uptrend or down. It’s currently going around the $21K mark. Also, several other digital currencies are facing the same difficulty, but there’s an exception to this being BCH.
Last week’s bearish turn of the crypto market has affected most of the altcoins, and Bitcoin is no exception. The digital currency has struggled to achieve the desired $22K level since then.
Bitstamp’s market monitor revealed that Bitcoin prices plunged last weekend. It dropped to about $20,800 that day, marking its 3 week low.
After the plunge, there was an immediate rebound to $21K. The token hasn’t made any significant moves to either the south or north of the market chart since then.
Bitcoin’s current price remains at $21,000 with no indication of an upward trend to $22K. Bitcoin still has more than $400B in market capital.
There hasn’t been any encouraging movement in altcoins over the past 24 hours. Although that continues, Ethereum is on the rise. It isn’t surprising, considering the expected merger of the networks.
Its price was just over $2,050. As of 10 days ago, this was the price. Ethereum has fallen to $1,600. That’s a $500 drop from the price it was at that time.
Featured image taken from Pixabay. Chart from TradingView.com