Bitcoin Cash Outperforms Bitcoin & Altcoins Again, Reaches Resistance Mark

This week the cryptocurrency space has seen two significant upward price rallies where most of the cryptocurrencies gain some upward movement. However, on both the occasions Bitcoin Cash outperformed its peers and gained the maximum.

While most of the cryptocurrencies could not hold onto their gains, BCH had a different story, where it not only outperformed the pioneer Bitcoin but also touched the upper resistance mark.

BCH/USD price rally has gained the maximum on the day, with a jump of ten percent taking its prices to $169.88 at the time of writing.  Mind you at the start of January, BCH was struggling at around $104 mark. So, since January the prices of BCH has gained a whopping 60%.

If BCH continues its phenomenal run and breaks past the upper resistance of $170 then the next key point would be the $200. However, many analysts believe that $170 would be a key resistance point and the prices might take a U-Turn if the Bulls are not effective enough.

BCH is Gaining A lot, But Why?

Generally its quite common for the crypto trade market charts to follow on the footsteps of the top crypto Bitcoin. It’s quite common that Bitcoin usually leads the sentiment and price rallies in the crypto space and same goes true with the downward spree.

When the 2017 market drove the prices of crypto space to new heights Bitcoin was the biggest gainer, while the same pattern followed during the longest crypto winter where most of the altcoins along with Bitcoin lost almost 80% of their market valuation.

So, what could be the probable cause for such consistency in the performance of Bitcoin cash? Well, many believe its the community of bitcoin cash and their long term goals. Roger Ver during his interview with BTC Wires very clearly said that he does not get bothered by the price and sentiment of the trade market, as the goal is not to become the highest valued cryptocurrency, rather its to become the most efficient and user-friendly crypto.

With this novel approach, the BCH network has shifted its focus from being just another token in the crypto space to one of the leading platforms for blockchain development. Bitcoin cash network now offers tokenization, supports Dapp hosting and many new features. Its transaction fee is already among the lowest in the crypto space, so it has every potential to realize the goal of most widely accepted crypto in the world.

This could be one very good reason behind the phenomenal rise, and the aim became even more clear after the infamous 2018 hard fork.