We Know About Bitcoin, But What Is Bitcoin Cash?!
Shain Vernier • 2 min read
Over the past month or so, we here at FX Leaders have covered the exploding cryptocurrency markets in depth. Real-time analysis, trading signals and news updates have been available on a near-daily basis.
Bitcoins Have Become A Player In The Financial Arena. Will Bitcoin Cash Follow Suit?
Today, a brief look at a newer cryptocurrency asset called “Bitcoin Cash” is on the docket. By now we all pretty much know what a Bitcoin (BTC) is. So, what the heck is Bitcoin Cash (BCH)?!
Ok, the truth is the creation of Bitcoin Cash (BCH) is complex. Without having a background in computer programming and working knowledge of cryptocurrencies, the hows and whys behind BCH can be a challenge to understand.
The best approach to explaining BCH is to keep it simple. Below are a few of most important aspects of BCH as they relate to us traders:
BCH is a peer-to-peer form of electronic cash.
BCH is the fourth largest cryptocurrency in terms of market cap.
Currently, it is valued at $358.25 per BCH.
BCH has a circulating supply of 16.7 million units.
Perhaps the most important aspect of BCH is that its value does not follow BTC in lockstep. It can be used as a diversification tool, similar to Ethereum, Litecoin, and Ripple.
Overview: If it has a pulse we can trade it. BCH is showing 24-hour volatilities upwards of 5%. The float is much the same as BTC, meaning that it is limited and susceptible to rapid swings in value. This characteristic makes BCH a potential target for active trading.
From a macro perspective, the world of cryptocurrencies is brand new. In order to successfully navigate these exciting markets, be sure to take the time and select a reputable broker.
Performing your due diligence before jumping in with both feet is a must. Staying tuned to FX Leaders or implementing a social trading platform can help you stay on the competitive lead lap.
As always, trade smart and for tomorrow!