Bitcoin Cash (BCH) is back in the spotlight after a three-month rally, doubling its price since the lows in April and becoming a topic of discussion on social media.
Overview of Bitcoin Cash
Bitcoin Cash (BCH) has become interesting to traders again as it broke above $600 during the November 2024 rally. This cryptocurrency, previously forgotten, has renewed interest thanks to the recent price surge of Bitcoin (BTC).
Recent Achievements of BCH
As of now, BCH is trading just under $500, showcasing high trading volumes that have peaked at $627 million over the past three months. The rising interest in social media has significantly contributed to the price increase.
Usage and Network Activity
Despite the growth, BCH usage remains low with only 300,000 transactions per day and 55,000 active addresses. While BCH continues to serve as a payment tool, its DeFi usage and cross-chain compatibility are limited.
The Bitcoin Cash rally underscores its ability to attract trader interest; however, usage metrics and network activity do not indicate significant improvement. The question of its long-term prospects remains open.
