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HomeMarket AnalysisBitcoin’s Price Is Stagnant, But Bitcoin Cash Rises By 7%

Bitcoin’s Price Is Stagnant, But Bitcoin Cash Rises By 7%

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Bitcoin’s price is stagnant at the moment at $21,000, but Bitcoin Cash rises by 7%. Bitcoin, the world’s largest digital currency, is still trading below the $22,000 level. Meanwhile, BCH, its daughter token, has lately grabbed some green bars, rising by 7%, as we stated before.

BCH is a Bitcoin hard fork. Its growth is fundamentally and technically consistent with that of Bitcoin. However, there is just one significant difference between these two digital coins, and that is Block Size.

The segregated option was not the greatest solution to BTC’s scaling challenge. They discovered a flaw in adopting SegWit to address the Bitcoin problem. This was the birth of Bitcoin Cash.

The cryptocurrency’s transaction mechanism stores around 8MB of data on each produced block. Furthermore, the system processes around 116 transactions per second on average. This is sufficient transaction speed for BCH.

However, more processing power is required to generate a greater block size. Such block sizes are required to support the network via its nodes. Regardless, the token has risen to new heights since its inception in August 2017.

Bitcoin’s price is stagnant at the moment at $21,000, but Bitcoin Cash rises by 7% lately.

Bitcoin’s Price Is Stagnant, But Bitcoin Cash Rises By 7% crypto
Bitcoin Cash Price Chart. Source: CoinGecko

Bitcoin Struggles To Get To $22K Mark

Recently, there has been no discernible up or down trend for Bitcoin. It’s presently worth roughly ,000.
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Several other digital currencies are also experiencing difficulties, but BCH is an outlier.

The crypto market’s negative shift last week impacted the majority of altcoins, even Bitcoin. Since then, the digital currency has struggled to reach the desired $22K mark.

Last weekend, the Bitstamp market watch reported a drop in the price of Bitcoin. At the moment, the digital coin had fallen to about $20,800, its three-week low.

Following the last price drop, it quickly recovered to the $21K milestone. However, the token has not made a major move to the north or south of the market chart since then.

The present Bitcoin price remains around $21,000, with little indication of a bullish advance to the $22K level. Meanwhile, the cryptocurrency has a market capitalization of more than $400 billion.

Many cryptocurrencies have not made an encouraging advance in the market in the recent 24 hours. While this is going on, Ethereum has lately reached new heights. This comes as no surprise given the network’s planned merger.

The digital currency (ETH) reached a price of little more than $2,050. This was the price ten days ago. Ethereum is currently worth $1,600, a $500 decrease from its previous valuation.

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