Bitcoin Cash plummeted 75 percent in the wake of the cryptocurrency’s hard fork fiasco in November 2018. But that is not stopping the asset from crawling its way back into positive trading territory and headlining this week’s crypto market rally.
The BCH-to-dollar rate this week surged by more than 20 percent, jumping from a March 11 low of $128.65 to establish a weekly high at $166. According to the 24-adjusted timeframe, the Bitcoin Cash price moved 6.89 percent north against the general crypto trend on daily charts. On the other hand, leading coins, including Bitcoin, Ethereum, XRP, and Litecoin, were seen taking a bearish correction route following an impressive rally last week.
There are a lot of things going on at the Bitcoin Cash development front. On March 16, for instance, BCHD full node client developers and Chris Pacia launched Neutrino, a lightweight client offering privacy to BCH users. Now available on the Play Store, the client uses a “new technique called client-side filtering to obfuscate your transaction downloads to preserve your privacy better.”
Bitcoin Cash’s entry into the ever-emerging privacy space might have sounded bullish to speculators, which explains why the BCH rate soared impressively during the weekend. Pacia had earlier shared Neutrino’s sneak-peak preview on his Twitter handle. But, despite an overwhelming response, the buzz didn’t immediately prompt a bullish reaction.
Up until March 16, the Bitcoin Cash market moved in the direction of the rest of the cryptocurrency market. Nevertheless, its gains were better than those posted by other top assets. At the same time, BCH managed to sustain its rally while the other high assets slowed down over the weekend and at the beginning of this week.
The Neutrino launch hype drew further support from “Roger’s Big Announcement.” In his weekly vlog published Sunday, Bitcoin Cash backer Roger Ver announced that his company was working on a “self-custodial escrow” solution that would introduce a permission-less feature that would require no arbitrators to sign the transaction.
“We at Bitcoin.com has zero-custody over the funds,” said Ver. “And we have zero custodianships, then we have no insights of what’s been bought or sold or traded. Guess what, we don’t have any KYC/AML requirements at all. You can do your own thing and we are just building the tools to enable more economic freedom for the entire world.”
The “big announcement” explains why traders chose to extend their bullish sentiment for Bitcoin Cash. At press time, BCH is trading at $161.17.
Last modified: May 20, 2020 2:39 AM UTC