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Best Performing Asset in 2023? Bitcoin Cash — Outperforms Nvidia, Tesla, Bitcoin

Last Updated November 20, 2023 1:31 PM
Teuta Franjkovic
Last Updated November 20, 2023 1:31 PM

Key Takeaways

  • Bitcoin Cash (BCH) has outperformed Bitcoin, Tesla and Nvidia in 2023, with a year-to-date growth of 145%.
  • Despite the challenges posed by mining centralization, BCH remains a viable crypto with strong support.
  • After a challenging year in 2022, the cryptocurrency market is looking more optimistic in 2023.

Over the last couple of years, various asset classes have faced volatility, marked by economic downturns and global upheavals, creating an unpredictable environment for investors.

The crypto market has undergone another growth phase recently, with Bitcoin maintaining its rally above $37,000. Recently, Solana and FTT from the FTX exchange displayed diverse performances, and Ethereum stood out as one of the cryptocurrencies in positive territory.

However, surpassing the largest coin by market cap, Bitcoin, in 2023 thus far, the BCH price prediction suggests a favorable trend continuation throughout the rest of the year.

Bitcoin Cash Outshines Bitcoin 

Recording a year-to-date growth of 145% , Bitcoin Cash (BCH) has outperformed the 120% year-to-date growth  of Bitcoin (BTC). Despite the recent uptick in BTC price, especially with the imminent decision on the Bitcoin Spot ETF, BTC faces challenges in reclaiming momentum.

Exhibiting a divergent trend over the past few weeks, the BCH price consolidates, leading to the liquidation of various holders. However, participants in the Bitcoin Cash community remain optimistic about the potential for a bull ru n, especially if the Bitcoin Spot ETF receives approval.

Bitcoin Cash/USD
Credit: TradingView

Sustaining a bullish trajectory over the long term, the BCH price gains traction after rebounding from $200. Despite facing resistance around the $250 mark, buyers establish higher lows, forming an ascending triangle pattern on the 1D chart.

The dynamic 50D EMA aligns with the trendline, providing robust support from the bullish side. At present, BCH is valued  at $229.52, showcasing a daily growth of 1.07% and forming a bullish candle. With support from the trendline and the 50D EMA, the Bitcoin Cash price signals a potent reversal.

BCH Becomes ‘Top Investment Option,’ Beats NVidia, Tesla, ETH, BTC

According to the 2023 Investment Index , Bitcoin Cash emerged as the standout performer, exhibiting an impressive surge of almost 200% in value over the six-month span. This growth places it at the forefront of the list, making it the top-performing asset. Those who invested $100 in BCH at the beginning of this period would have witnessed nearly a threefold increase in their investment.

BCH perfromance
Credit: Forex Suggests

After the challenging year that was 2022 for the cryptocurrency market, investors are finding solace in the positive resurgence of many digital currencies. The previous year witnessed a widespread decline in crypto values, with notable currencies like Solana and Avalanche experiencing over a 90% loss.

The outlook for the crypto market in 2023 is considerably more optimistic, as the first six months have seen a substantial increase in the value of almost all tokens, excluding Dogecoin and Polygon. In contrast to the grim performance in 2022, the first half of 2023 presents a more diverse landscape, marked by a surge in the value of many tokens.

Leading this rally is Bitcoin Cash, boasting a remarkable 199.91% price increase in the six months leading up to July 2023, effectively tripling its value since the beginning of the year.

Louis Schoeman, Founder and Investing Expert at Forex Suggest, stated :

“As we all know, cryptocurrency markets are intrinsically more volatile than other traditional investment options, which can make it difficult to predict where they will be at any given point in the future. However, it’s worth noting that despite crypto having a very bad 2022 in general, this year has seen many digital currencies regain much of their lost value, restoring confidence in the market.”

Challenges In Terms Of Mining Centralization

Launched in 2017 as an upgrade aimed at reducing the data used by the blockchain for transactions, Bitcoin Cash was created by members of the Bitcoin community who anticipated an increase in the block size limit.

Since Bitcoin did not meet this expectation, Bitcoin Cash was developed, addressing the issue by raising the transaction block size from 1 MB to 32 MB.

Bitcoin Cash boasts faster and more cost-effective transactions compared to Bitcoin, positioning itself as a blockchain capable of functioning as a payment system. However, this improvement comes with a drawback for miners who face the challenge of storing increased data. As a result, mining hardware costs escalate, leading to concerns about heightened centralization in the mining process.

BCH in a year
Credit: CoinMarketCap

Originating from a hard fork, Bitcoin Cash was distributed to all Bitcoin holders at a 1:1 ratio in 2017. Initially trading at $412, Bitcoin Cash reached its peak of $4,355.62 on December 20, 2017, followed by a bear market in 2018, hitting a low of $75.08 on December 15, 2018.

In 2019, the price fluctuated between $200 and $500, surging to $1,500 in 2021. Experiencing a downtrend in 2022, trading below $200, Bitcoin Cash rebounded impressively, earning a spot on the institutional-backed EDX exchange as one of the top gainers.

In 2023, individuals have numerous avenues to explore in the realm of investing, and cultivating a diversified investment portfolio proves to be an effective strategy for risk mitigation and safeguarding one’s finances.

From traditional assets like real estate to emerging classes such as cryptocurrencies, there is a wide spectrum of investment options. Nonetheless, thorough research is imperative before venturing into any new investment.

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