Bitcoin Cash (BCH) has maintained its position near the $300 level following a significant upward trend in recent weeks. The BCH/USD pair is currently trading around $291, experiencing a slight decline amidst the overall subdued trading sentiment in the broader cryptocurrency market.
Although BCH is currently trading approximately 10% lower compared to the peak it reached last Friday, exceeding one-year highs at around $330, it has still shown remarkable growth of over 200% compared to its earlier monthly lows of around $90. The surge in BCH’s price during June was attributed to the news that it will be one of the select cryptocurrencies listed on the crypto exchange EDX Markets.
EDX Markets, supported by prominent financial institutions such as Fidelity, Charles Schwab, and Citadel, recently launched its platform. Observers believe that this exchange will likely receive more favorable attention from regulators compared to its competitors like Coinbase.
Bitcoin Cash was created in August 2017 through a hard fork from the original Bitcoin blockchain. Its creators aimed to address limitations in Bitcoin, particularly in terms of scalability and transaction speed.
With its recent strong performance, Bitcoin Cash ranks as the third best-performing cryptocurrency among the top 100 by market capitalization over the past seven days, according to CoinGecko data.
Is the optimal time to invest in Bitcoin Cash (BCH) already gone?
As the recent strong rally of Bitcoin Cash (BCH) has unfolded over the past week and a half, some crypto investors may be concerned about missing out on the opportunity to buy BCH at a lower price.
They might now be asking themselves if it’s too late to buy Bitcoin Cash. While the breakout from the $90-$160 range that BCH was trapped in for about a year suggests a longer-term bullish trend, it is important to note that BCH is still significantly lower than its previous all-time highs.
In May 2021, Bitcoin Cash reached highs of around $1,600, over six times higher than its current levels. Furthermore, back in 2017, BCH briefly surged to $4,300. However, the struggles of Bitcoin Cash to keep up with the adoption rate of Bitcoin indicate that reaching those 2017 highs may not be realistic.
Nevertheless, if we are in the early stages of a new crypto bull market, Bitcoin Cash still has the potential to perform well. Considering that the cryptocurrency still appears inexpensive when compared to its historical prices, it can be concluded that it is not too late to buy BCH.
One alternative to consider alongside Bitcoin Cash (BCH) is yPredict (YPRED).
While the future potential of Bitcoin Cash’s price increase remains uncertain, it is always wise for investors to diversify their cryptocurrency portfolio.
One noteworthy project that has garnered attention from analysts at Cryptonews is yPredict, a web3 AI platform. Renowned for its institutional-grade financial price prediction system, yPredict stands out as a pioneer in this field.
The platform’s unique tool, powered by in-house deep data analysis, is anticipated to assist crypto investors in easily identifying the next promising cryptocurrency with significant growth potential.
An appealing aspect of yPredict is that its crypto price prediction system will be freely accessible to all users. The project’s Whitepaper explicitly states that price predictions will be publicly available without requiring users to log in.
However, yPredict offers investors more than just crypto price predictions. The project is actively developing an advanced crypto research and trading platform that provides users with access to various AI-powered signals, breakout indicators, pattern recognition, and social/news sentiment features, as highlighted in yPredict’s Litepaper. Additionally, the platform is also working on revolutionary AI-powered tools, including a groundbreaking content management system.
As AI continues to revolutionize the crypto industry and other sectors, projects like yPredict are expected to generate significant interest from investors.
