Has Alt Season Started Early?
Bitcoin Cash has had an interesting 2019 in which many new functionalities were released. This includes privacy feature Cash Shuffle, the SLP tokenization layer and their own blockchain oracles. Bitcoin Cash's price had also increased from the 1st of January 2019 $152 to $210 on the 31st of December 2019. This 30% price increase was one of was one of the more impressive upticks in cryptocurrencies in 2019 in a yearly view.
Bitcoin Cash's Price Performance
It seems that Bitcoin Cash's performance in 2020 might put 2019 to shame. In the past 24 hours Bitcoin Cash has gained an impressive 24%. On a yearly perspective BCH managed to grow nearly 60% since the 1st of January.
There could be several possible reasons behind Bitcoin Cash's recent gains. This includes accumulation before both BTC's & BCH's halving events later this year. BCH is halving in approximately 84 days with BTC's occurring slightly after, in approximately 119 days.
Another slightly more likely culprit is Bitcoin SV's recent price increase. BSV managed to rally hard and has increased by an impressive 143% in roughly 2 weeks. Bitcoin SV's low liquidity and limited number of exchanges are one possible reasons for its pump. The other is news regarding the Tulip Trust III and the extension of the bonded courier's deadline.
Traders & investors might have taken note of BSV's rise and chose to invest in BCH in its stead. Others might be transferring BSV profits into BCH causing a second rally.
Currently BSV is right below BCH's marketcap with a tight competition on which will gain more value quicker.
It might be plausible that an Altseason was triggered and we could see impressive gains with other cryptocurrencies as well. Either way nearly all cryptocurrencies are in the green,
Written by Jonathan Ganor
Writer & cryptocurrency aficionado