This entire week has been dominated by immense selling pressure throughout the crypto market. As the week wraps up, however, Bitcoin cash (BCH) and Cardano (ADA) are in the green, both of them seeing more than 3% gains.
On the other hand, bitcoin (BTC) continues to trade at 4-digits and has slipped by over 1.9% in the last 24 hours. As if it isn’t bad enough, BTC’s dominance has dropped to 64.2% at press time. BTC is currently trading at $9,826.72 as per CoinMarketCap.
Bitcoin Cash (BCH) Prices Are Going Through The Roof
On Wednesday, bitcoin cash slid past the $300 level to trade as low as $282.54. It has since staged a nice recovery above $300 and is changing hands at $315.77 at press time, with 4.29% gains in the last 24-hr period.
Additionally, BCH is still up by more than 94% from 2018 lows. The bulls are keeping the bears at bay with the prices continuing on an uptrend.
Bitcoin Cash (BCH) Fundamentals That Could Boost The Next Bull Run
Bitcoin Cash (BCH) may not be receiving as much attention at the moment as bitcoin and Libra (read: Facebook) but behind the scenes, BCH is making impressive progress that could just give it an edge over other altcoins and also bitcoin and spur the next bull run.
Two major fundamentals that could see BCH price skyrocket are its new and improved privacy feature and the massive spike of its on-chain transactions.
In July, Bitcoin Cash has recorded on-chain transaction volume amounting to $71 billion, which is a $64 billion uptick since March. With this new on-chain transaction volume peak, BCH surpasses top altcoins like ethereum (ETH), Ripple’s XRP and litecoin (LTC) making it the second-largest blockchain with regard to the volume of on-chain transactions.
Bitcoin Cash has tightened the privacy of the users by incorporating a mixing protocol, ‘CashShuffle’ into their wallets. This protocol “shuffles” transactions by combining them with others, hiding the identities of both the sender and receiver.
This “shuffling” will make it extremely difficult for anyone to track transactions. CashShuffle is available directly on the Electron Cash wallet and is built to improve privacy and fungibility. This unique privacy feature gives BCH an undeniable advantage over BTC.
The skyrocketing on-chain transactions indicate that more and more people are purchasing and holding Bitcoin Cash (BCH) while the improved privacy feature (CashShuffle) makes it hard for BCH users’ transactions to be tracked by malicious hackers or institutions. These two features are a sure boon to BCH prices in the near future.
Cardano (ADA) Wraps Up The Week With A More Than 3% Gain
Cardano (ADA) has caught the attention of many crypto enthusiasts recently as it continues to soar whilst bitcoin bulls lose momentum. Today, Cardano has been noticeably surging alongside Bitcoin Cash.
At press time, ADA is up by 3.67% and is trading at $0.062. Notably, ADA has added enough value to transcend Tron (TRX) by market capitalization, by a margin of $55,635,391.
The Bottom Line: Pay Close Attention To These Two Cryptocurrencies
Cardano (ADA) and Bitcoin Cash (BCH) are proving to be altcoins worth keeping an eye on, with great improvements on their features and stellar price performances as we’ve seen. Fireworks could commence in the near future as they hit new ATHs. In the meantime, ADA and BCH holders are doing a small proverbial victory dance.