Making predictions in the cryptocurrency market is an easy way to look foolish. Things rise and fall with such wild swings that it’s virtually a guessing game half the time because so many unexpected things can happen. That being said, this doesn’t necessarily apply for long-term predictions.
If you’re high on cryptocurrencies as a powerful tool for the future, then it’s easier to make a more informed Bitcoin Cash price prediction.
It’s also easier to project whether this upstart player in the market will be able to derail some of Bitcoin’s (BTC) success. Those looking to buy Bitcoin Cash (BCH) through a BCH exchange, however, are better off looking elsewhere. While an updated Bitcoin Cash block could be interesting down the road, its falling cryptocurrency market cap, alongside its value, makes it too risky in my opinion.
I don’t see a lot of potential in Bitcoin Cash futures. I believe there’s very little chance that the coin surpasses $500.00 this year, and may even top out closer to $450.00 or lower. While that’s a not a bad gain over four months, there are better and more stable investments that will yield higher returns. Other cryptocurrencies that I am higher on—like Ripple (XRP), and especially Ethereum (ETH)—are better options in the cryptocurrency market.
BCH is one of the newest cryptocurrencies out there, having recently split off from Bitcoin and amassing the third-highest market cap in the cryptocurrency market. Oh, wait, did I say third? That was yesterday. Today, it has fallen to fourth place after seeing radical swings from over $400.00 to around $200.00, back up to $400.00 before falling to $323.87 as of this writing.
The point I’m trying to illustrate is that BCH is nuts right now. It’s seeing a ton of action in a market that has already been on fire this year, and not always for the better.
I don’t think that BCH is a good choice, overall. First, as we saw when Ethereum Classic (ETC) pulled away from ETH, aside from the scramble that resulted in the immediate aftermath, the two cryptocurrencies largely mirrored each other in terms of growth and losses. If that’s anything to go off of, it means that BCH is likely to follow BTC at least for the next little while. Until it’s able to differentiate itself from its older sibling, there’s really no reason why it should gain on Bitcoin or other, more established, cryptocurrencies.