Bitcoin (BTC) spin-off eCash saw something of a recovery in the middle of September 2023.
The Paybutton platform, designed to make sending and receiving XEC easier, launched, bringing with it more utility for the coin.
The price of eCash, which had spiked in late June and early July before slumping in August, went back up as investors started to take an interest in XEC.
The crypto’s supporters will be hoping that it can maintain its recovery.
eCash did not immediately respond to a request for comment.
But what is eCash (XEC)? How does eCash work? Let’s see what we can find out, and also take a look at some of the eCash Price Predictions that were being made as of September 20 2023.
Let’s examine some of the eCash price predictions being made on September 20 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term eCash price prediction that saw it drop to $0.00002474 by September 25, before recovering to $.00002943 on October 20. The site’s technical analysis was neutral, with 16 indicators sending bullish signals and 13 making bearish ones.
PricePrediction.net said eCash would stand at $0.00003617 this year, while DigitalCoinPrice thought it would trade at $0.0000536. Meanwhile, Bitnation said it would be worth $0.000038 at some point in 2023.
Bitnation said XEC would get to $0.000089 in 2025, while PricePrediction.net suggested it would trade at $ $0.00008. DigitalCoinPrice, meanwhile, said it would be worth $0.000087 in two years time.
Moving forward a more long-term eCash price prediction, PricePrediction.net said it would stand at $0.00048492 in 2030, while Bitnation argued for a price of $0.000217. DigitalCoinPrice’s XEC price prediction said it would reach $0.00026 by the start of the next decade.
In September 2023, eCash announced that the Paybutton widget had gone live. The program, which allows people to make online payments with XEC, had been in the pipeline since May 2022.
In a blog post , eCash said: “PayButton is a free and open-source way to accept crypto on the web. PayButton makes it easy for everyone to accept crypto assets like eCash online by adding a button (buy/donation/tip) to their website/blog using a simple code snippet.”
Let’s now take a look at some of the eCash price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an eCash price prediction.
When XEC first came onto the open market in its current form in early July 2021, it was worth $0.00002753. It fell down to an all-time low of $0.0000173 on 20 July, but it recovered over the next few months, as the market rose and exchanges listed the coin.
XEC reached an all-time high of $0.0005926 on 10 November before sliding down to close the year at $0.00011.
2022 was a disastrous year for crypto and eCash suffered. A succession of market crashes saw it drop to $0.000033 on 18 June.
Although there was some recovery in the autumn, the collapse of the FTX exchange and the ensuing market turmoil saw it close the year at about $0.0000217, an annual loss of more than 80%.
So far, 2023 has been a year of ups and downs. The coin initially shot up, peaking at above $0.0000455 in late January before dropping back down.
Things got worse in June, when the news of the SEC’s legal actions, combined with Crypto.com suspending its American institutional work, saw it fall to a low of around $0.000019 on June 10. There was some steady progress until, on the morning of June 30, XEC exploded.
By July 1, it was worth $0.00004493. The spike didn’t last, though, but it still managed to trade at $0.00003 until the middle of August.
The price of XEC dropped at the end of that month, though, and by September 11, it was worth $0.00002162. The coin managed to recover and, on September 20 2023, eCash was worth about $0.00002545.
At that time, there were 19.5 trillion XEC in circulation, representing the total supply. This gave the coin a market cap of about $463.4 million, making it the 65th largest crypto by that metric.
XEC rose nearly 2,000% between July and September 2021 but, since then it has fallen. When it reached its low on June 10 this year, it had dropped by about 95% from its 2021 highs.
In June last year, eCash fell to around $0.000022, which serves as a kind of support zone for the coin’s price. It got to about $0.000042 in January, which has been an upper limit for the XEC price.
Its performance in recent months has confirmed this. Since reaching its June 10 low, it has climbed by around 150% and is still going up. This could mean that the bear cycle is over.
On the other hand, this could merely be a relatively short-term correction, and it could fall below where it was in June.
In order to confirm a new bull cycle, XEC will have to climb above $0.000042.
It is hard to say. The price spiked in late June and early July. While this lead to a sustainable price level, this went away when the market fell in August. Its recent performance has been encouraging but we don’t know how long it will last.
A coin that is based on Bitcoin but uses PoS to secure its blockchain is intriguing, but there are issues with eCash.
Firstly, it does not appear to have a whitepaper. This is a technical document that explains how eCash works, or what it does precisely. While there is information available on the blockchain’s website, the lack of a precise technical document could put potential investors off.
Secondly, although eCash’s low value is designed to make it easier to send large sums internationally, those who are maybe not as au fait with how cryptos work could look at it worth fractions of a cent and decide to take their money elsewhere, limiting its future growth.
Nevertheless, eCash has shown some potential over the years it has been in operation. Its recent spell of good form could draw people to it. In turn, this could eventually set up a user base that gives it more real-world utility.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in XEC.
No one can really tell right now. While the eCash crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in eCash, you will have to do your own research, not only on XEC, but on other, related, coins and tokens such as Bitcoin Cash (BCH) or Bitcoin SV (BSV). You will also need to make sure that you never invest more money than you can afford to lose.
The eCash blockchain, not to be confused with Ecash, the proto-crypto that was created by scientist David Chaum in 1983, is a spin-off from the Bitcoin Cash blockchain, which was, itself, the result of a split from Bitcoin.
Former BCH developer Amaury Sechet founded eCash in 2022. The coin, which goes by the ticker handle XEC, aims to serve as an alternative currency. This makes it similar to the likes of BTC and BCH. The platform was originally known as Bitcoin Cash ABC, but rebranded in 2021 to differentiate itself from BCH.
The eCash network is a Proof-of-Stake (PoS) blockchain. People are chosen to verify transactions and add blocks to the blockchain based on how much XEC they hold. This makes it somewhat different from Bitcoin and many of its spin-offs, which use the Proof-of-Work consensus mechanism.
eCash uses a form of PoS called Avalanche. This is not to be confused with the Avalanche (AVAX) blockchain. Instead, it helps the platform cope with increased traffic levels.
XEC itself is, again like such cryptos as Bitcoin and BCH, designed to be used as a method of exchange. It can be bought, sold, and traded on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.