Being one of the largest and most popular cryptocurrencies means Bitcoin (CCC:BTC-USD) has spawned a lot of famous — and not so famous — forks. Plays like Litecoin (CCC:LTC-USD) and even meme favorite Dogecoin (CCC:DOGE-USD) are descendants of Bitcoin. Many don’t gain the same traction as their progenitors, but there have been some noteworthy forks that have gained success, like the aforementioned Litecoin and Bitcoin Cash (CCC:BCH-USD). And with the latter coin seeing big gains over the last few days, Bitcoin Cash (BCH) price predictions are getting hot.
A forked crypto is essentially a crypto that spawns from another’s protocol. When one wants to take a crypto and add new elements or change elements, they can fork from the original protocol. This makes a new altcoin. While the forked coin comes from a different coin’s protocol, they are still distinctly different cryptos.
Bitcoin Cash has been gaining a lot this week. It currently sits at ninth place on CoinMarketCap’s top cryptos in terms of market capitalization. It is a regular on the list, but it is breaking out thanks to explorative investors looking for the next “boom-coin.” And by sharing a name with mainstay Bitcoin, it is also seeing a boost.
Bitcoin Cash is seeing the same movement today as Bitcoin Gold (CCC:BTG-USD), another forked coin that shares nothing with Bitcoin beside its name. This leads me to believe that the name is the main driver for the coin, similar to Ethereum Classic’s (CCC:ETC-USD) gains this week. Reader beware: These are not simply “cheaper Bitcoins.”
That’s not to say they are fake, though. Both present their own innovative protocols, and Bitcoin Cash especially shows longevity as an altcoin. And with its new network upgrades exciting users, its upward movement is more justified than other forks.
Bitcoin Cash (BCH) Price Predictions Heat Up
Putting the name confusion to the side, analysts wonder what BCH will look like in the near future. Can it continue its gains, and approach its all-time high of $4,355.62? Let’s see where Bitcoin Cash (BCH) price predictions are now:
- InvestingCube suggests that if BCH can hold itself above $1,320 (it is currently just below $1,400), the coin could potentially return to its 2018 glory.
- The Economy Forecast Agency is, as usual, bullish. They are predicting a $3,633 price on BCH in December.
- PrimeXBT is a BCH bull, predicting a correction before some very slow gains over the next few years.
- DigitalCoinPrice thinks that BCH can close out 2021 at just over $2,000.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.