Bitcoin Remains at $21K, But Bitcoin Cash Rises 7%
The largest digital currency in the world, Bitcoin, is still hovering below the $22K price mark. Meanwhile, its daughter token, BCH, has recently gained some green bars, rising 7%.
BCH is the hard fork of Bitcoin. The development is structurally and technically in line with Bitcoins. However, there is only one notable difference between these two digital tokens, which is the Block Size.
Segregated option was not the best answer to the scalability problem of BTC. They observed a loophole in the implementation of SegWit to tackle the problem with Bitcoin. This was the beginning of Bitcoin Cash.
The transaction mechanism of the cryptocurrency places approximately 8 MB of data on each block created. Also, on average around 116 transactions are performed every second on the system. This is enough transaction speed for BCH.
However, more processing power is required to create a larger block size. Such block sizes are necessary to support the network through the nodes. But regardless of this, the token has taken some heights since its creation in August 2017.
Bitcoin struggles to claim $22K price tag
There has been no relevant up or down trend for Bitcoin lately. It’s currently hovering around the $21K mark. Several other digital currencies also face the same difficulty, but there is an exception to this being BCH.
Last week’s bearish swing in the crypto market has affected most altcoins, and Bitcoin is no exception. Since then, it has been a struggle for the digital currency to reach the coveted $22K level.
Last weekend, market watchdog Bitstamp revealed a drop in the price of Bitcoin. At that time, the digital token fell to around $20,800, which happened to be the lowest in three weeks.
It was a quick return to the $21K price mark after the recent plunge in price. However, from then until now, the token has not made a significant move north or south of the market chart.
The current Bitcoin price is still around the $21,000 mark with no signs of a positive move to the $22K level. Meanwhile, the cryptocurrency still has a market cap of more than $400 billion.
Over the past 24 hours, there has not been an encouraging move by many altcoins in the market. While that’s going on, Ethereum has hit some highs recently. This is not too surprising considering the expected merger of the network.
The digital currency (ETH) reached a price of just over 2,050 dollars. This was the price 10 days ago. Ethereum is now down to $1,600, a difference of $500 from its price at the time.
Featured image from Pixabay, chart from TradingView.com
