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Bitcoin Cash has recorded significant gains in the past few days, with a 58% increase on March 2nd. During this period, the network’s hashrate level soared to an all-time high, which could sustain the upward trend. The market value of Bitcoin Cash at $9.40 billion is 130 times lower than Bitcoin‘s $1.20 trillion. Both are focused on the same ecosystem created by Satoshi Nakamoto and took different paths during the block wars of 2017.
Bitcoin Cash Chart Analysis
At the time of writing, Bitcoin Cash is trading at $479, while Bitcoin is trading at $62,405. This could be evidence of the vast gap between them, despite having the same economic foundations. Interestingly, Bitcoin Cash has captured a momentum increase with a 78.5% rise in the weekly candle, climbing from $268.
The recent increase is a continuation of the 185% rise observed in the last two weeks of July 2023. Notably, Bitcoin Cash has been trading slightly above the EMA level, starting its ascent from the 50-week exponential moving average. Currently, Bitcoin Cash is testing a multi-year resistance and the previous support from 2021. Exiting this zone could propel the Bitcoin Cash price to $1,642.5, a 240% gain and the highest level of the last cycle.
Bitcoin Cash Mining
Meanwhile, it appears that cryptocurrency miners are shifting their mining equipment to the Bitcoin Cash network. The average hashrate increased by 102.5% in the last 24 hours to 8.01 EH/s on March 3rd, according to data from BitInfoCharts. Interestingly, this value is close to the all-time high hash rate of Bitcoin Cash on August 23, 2017, amid the ecosystem split. Bitcoin Cash was trading at $700 then and reached its all-time high price of $4,300 a few months later.
Fundamentally, a network’s hash rate is an important metric for the fundamental analysis of proof-of-work cryptocurrencies. The hash rate plays a significant role in blockchain security and highlights the interest of players in profiting from and supporting a particular network.
Moreover, the recent increase demonstrates Bitcoin Cash’s resilience and its ability to continue attracting capital despite challenges. Unlike Bitcoin’s predominantly speculative demand, Bitcoin Cash is evolving as an effective medium of exchange and a more scalable version of the leading cryptocurrency.
The Bitcoin Cash community is dedicated to increasing awareness and adoption of Bitcoin as a global electronic cash system. Recently, developers have joined the popular market movements of DeFi and Web3 by launching CashTokens.
