We are witnessing a massive rebound in the market for the past week as many top 10 currencies are seen skyrocketing while going up against the fiat, especially in the case with Ripple (XRP) and Stellar Lumens (XLM) which are going up by over 100% and over 40% during the last 7 days.
Bitcoin Cash ranked as the fourth-largest crypto with the market cap of over 8,5 billion dollars, is also showing signs of bullish return, as it is going up by 11% in the course of a single week and over 3% in the course of the last 24 hours on September 23rd.
However, is Bitcoin Cash able to get back to its all-time high of around 4,000$ per one unit, which is now almost 10 times further from the current value of BCH in the market?
Can Bitcoin Cash get Back to Its All-time High by the End of the Year?
The end of the last quarter of 2017 and the beginning weeks of the current year were really “something else” for the cryptocurrency market as the majority of digital assets went on surging in order to reach all-time high values in a mass rebound.
Back in January at the beginning of 2018, Bitcoin Cash as the fourth-largest crypto made it to the price of over 4,000$ per ingle BCH unit, only to have it later declined by -86% since making it to its record value.
At this point, Bitcoin Cash is being traded at the price of 492$ per one unit, very close to breaking the resistance of 500$ per one BCH in case Bitcoin Cash is to continue with collecting gains in the following weeks.
As the majority of cryptos drifted further from their all-time high prices, it may seem as if there are no chances of getting back up on that fast train, however, massive gains, especially if driven by achievements, new developments, listings, and partnerships, are still available as a possibility in the market that is yet to be properly established and formed.
At this point, the price of BCH is approximately 9 times lower than its all-time high, which means that the crypto still has almost 90% to go until it manages to go past its record price, which makes it technically possible for BCH to get to 4,000$ again.
However, the current gains of BCH seem to be strictly a product of the latest market trend, while XRP, for example, made it over 100% during the last week thanks to the increased momentum due to new partnerships and the announcement of releasing xRapid as a new product for the banking and financial industry.
That means that BCH would definitely need some kind of boost in form of an organic price pump, where Bitcoin Cash is already showcasing gains of over 15% during the course of a year.
However, it seems that Bitcoin Cash is not making any significant updates or changes at the current moment, which makes it a bit difficult to push BCH up to its all-time high in the course of the last quarter of 2018.
Moreover, the teams involved in the development and maintenance of Bitcoin Cash network are having disagreements around the crucial points of the BCH system, where the lead developer of Bitcoin Cash ABC team stated that BCH is unlikely to go under hard fork, adding that the majority of forks that are likely to happen in the future are somewhat useless.
Bitcoin Cash Likely to Break the Value of 500$
Since there are benevolent currents in the market pushing the cryptos up towards collecting new gains, BCH is likely to get past the value of 500$ during the upcoming weeks.
However, it is a question of internal situation between the BCH teams whether Bitcoin Cash will become eligible for getting back to its record price by the end of the year, as the development activities within the Github repository have been pretty silent for BCH since January of the current year, even when compared to the activity of Bitcoin’s own devs.
Moreover, the majority of news updating the community on the matter of Bitcoin Cash is majorly focusing on disagreements between the teams and the questionable rumors about the new hard fork.
Although it is likely that BCH will be able to go beyond the value of 500$, probably even reaching 600$ by the end of the year if the market doesn’t turn sluggish on Bitcoin Cash, however, there would probably need be some improvements and new updates to the network in order to see BCH skyrocketing.