Bitcoin Remains At $21K But Bitcoin Cash Surges By 7%
25 August 2022 - 1:25PM
NEWSBTC
The largest digital currency in the world, Bitcoin, is still
fluctuating below the $22K price mark. Meanwhile, its daughter
token, BCH, has recently gained some green bars, surging by 7%. BCH
is the hard fork of Bitcoin. Its development is structurally and
technically in line with those of Bitcoin. However, there’s just
one notable difference between these two digital tokens, which is
Block Size. Related Reading: Institutional Investor Sentiment
Remains Negative As Bitcoin Outflows Continue Segregated option was
not the best answer to the scalability problem of BTC. They
observed a loophole in implementing SegWit to tackle the issue with
Bitcoin. This became the dawn of Bitcoin Cash. The transaction
mechanism of the cryptocurrency places about 8MB of data on every
created block. Moreover, on average, around 116 transactions are
carried out every second on the system. This is enough transaction
speed for BCH. However, more processing capacity is needed to
create a larger block size. Such block sizes are necessary to
support the network through its nodes. But regardless of this, the
token has been gaining some heights since its creation in August
2017. Bitcoin Struggles To Claim $22K Price Mark There has been no
relevant up or down trend for Bitcoin lately. It’s currently going
around the $21K mark. Also, several other digital currencies are
facing the same difficulty, but there’s an exception to this being
BCH. Last week’s bearish turn of the crypto market has affected
most of the altcoins, and Bitcoin is no exception. Since then, it
has been a struggle for the digital currency to hit the coveted
$22K level. Last weekend, the market watch on Bitstamp revealed a
plunge in the price of Bitcoin. At the time, the digital token
dropped to around $20,800, which happened to be its 3-weeks low.
There was a quick bounce back to the $21K price mark after the last
plunge in its price. However, from then up to now, the token has
not made a significant move to the north or south of the market
chart. The current Bitcoin price is still around the $21,000 mark
with no sign of a positive move to the $22K level. Meanwhile, the
cryptocurrency still holds a market cap of more than $400 billion.
In the last 24 hours, there has not been an encouraging move of
many altcoins in the market. While that is ongoing, Ethereum has
gained some heights recently. This is not overly surprising
considering the anticipated merge of the network. Related Reading:
Bearish Indicator: Bitcoin Retail Volumes Show Weakness In Rally
The digital currency (ETH) hit a price of a little over $2,050.
This was its price as of 10 days back. Ethereum is now down to
$1,600, a $500 difference from its price at the time. Featured
image from Pixabay, chart from TradingView.com
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