Summary
- Low transaction fees and rising institutional adoption will pump up BCH prices.
- BCH-based applications offer valuable support for price growth.
Bitcoin Cash was up by 4% over the previous 24 hours, as it traded at $544 at press time. The crypto-assets 7-day trend was also in the green, having gained 14.7% in the past week. BCH price is now up by 57% year-to-date, with a market capitalization of $10 billion, which places it 14th in cryptocurrency market ranking.
Positive institutional response
The move by Visa to adopt digital currencies to handle transactions did not only favor Bitcoin and Ethereum – Bitcoin Cash also received its portion of hype. The announcement by Visa catalyzed an increase in the price of digital currencies. BCH price increased by nearly ten percent.
Similarly, recently PayPal allowed its users to start paying for products and services using digital currencies. The PayPal platform is used by nearly 30 million traders, and its payment service named Checkout with Crypto will be extended to all merchants on the platform in the next few months.
PayPal also announced that it will be converting digital currencies to traditional currencies to pay traders. Payments will be made using selected digital assets such as BCH, BTC, ETH, and LTC.
Bitcoin Cash is also being adopted as a means of payment by various institutions. Recently, AirBaltic has allowed its clients to book flight tickets using digital currencies. The coins that have been added include Bitcoin Cash (BCH), DOGE, and ETH.
New ventures and valuable small gains
To leverage the emerging popularity of crypto-payments, the developers of Bitcoin Cash have recently launched Prompt.cash. The asset is a noncustodial payment processor and is the first payment processor for payment in Bitcoin Cash.
Prompt.cash will enable traders to have a simpler way of receiving peer-peer electronic cash payments and also to provide new addresses for every invoice. Additionally, every payment made will be received directly in traders’ wallets, and the money cannot be frozen or held.
In another development, users of Bitcoin Cash have been presented with a new app that competes with OnlyFans, a content subscription service. The website portal Onlycoins has similar services to Onlyfans. The only difference is that the creators of OnlyCoins can receive Bitcoin Cash by adding posts with quality content and garnering subscribers.
A new NFT market known as juungle.net has also been launched. This enables users to buy Simple Ledger Protocol (SLP) from NFTs using Bitcoin Cash. NFTs have become popular in recent weeks, and Bitcoin Cash’s success in this frontier could do much to prop up prices.
Elsewhere, an application, Tipb.ch App, was released about a week ago by the creator of read.cash. The app allows individuals to custom-make short URLs instead of sharing long Bitcoin Cash addresses on social media.
Bitcoin Cash is also winning much acclaim. A popular digital entrepreneur, Kim Dotcom has been showing his support for Bitcoin Cash. He believes this digital currency provides a peer-peer e-money network that is sustainable. Dotcom further opined that the Bitcoin Cash network was capable of serving a larger market than its peers. On the other hand, BTC is criticized for unsustainable and unreliable fees in making payments.
Similarly, Elon Musk, asserted that Bitcoin Cash had more advantages than BTC as a means of payment. In his tweets supporting Kim Dotcom’s argument about these two digital assets, he stated that Bitcoin Cash is characterized by lower fees than BTC, and this makes it the best option for traders.
BCH/USD technical outlook
BCH price will find the first support at $513, while the second support will be established at $528. Beyond the prevailing price, BCH/USD will encounter resistance at $550. The price movement could still be bearish if the BCH/USD pair breaks below the current support level.
