Bitcoin's newest rival, Bitcoin Cash (BCH), seems to gain real momentum as it has surpassed $2,000, then $2500 and is now traded well above $2,900.
The rise of Bitcoin Cash is not unexpected as it has seen a flow of good news lately. For instance, BitPay announced it would accept payments in the hard forked coin for merchant accounts, and Thomson Reuters added BCH to its Eikon Platform. Also, Bitmain announced that it will accept BCH only for the latest batch of Antminer S9.
According to BitPay, the need for more currency options for merchants has become increasingly clear. Over time, the service plans to add payments options in "other Blockchains which Bitcoin has inspired," starting with BCH. The BitPay team stated in a blog post:
We will begin adding support for a Bitcoin Cash payment option this year, starting with BitPay Card loads. All BitPay invoices will include a Bitcoin Cash payment option by default in early 2018.
At the same time, Bitcoin price has been moving downwards (by 6%) while BTC transaction fees continue skyrocketing. As a result, BCH has seen a strong increase in price and trading volume today. Apparently, investors are moving moved to buy up BCH, on the expectation that the hard-fork could rival Bitcoin.
This development has spread excitement among BCH fans. Some of them are already predicting that 1 BCH could be worth more than 1 BTC by the end of February. According to a reddit post in r/Bitcoincash, the price of BTC is "very likely to crash and fall down to ~$2000". The user who posted this seems certain that BCH could gain value as a competing variant of Bitcoin:
We've already seen BCH reach 0.33 BTC in value. No reason it couldn't reach 1 BTC or more in value in the very near future, especially given the climate. 1 BCH is worth more than 1 BTC was worth at the time of the fork, and that wasn't that long ago!
What do you think? Is Bitcoin Cash the heir to the throne of cryptocurrencies?