Bitcoin Cash suffered greatly last week owing to the market fluctuations. The value of BCH as noted on February 6 went as low as $740 per coin. However, it regained its former position by Tuesday evening and ranged somewhere between $950 and $1,050.
As compared to last week when the Bitcoin Cash market hit a rough patch, it has now risen in value. BCH roughly went down to $588 USD in the last seven days. This is a whopping 39% decrease in value and left many wondering about the future of this cryptocurrency. However, it was quick enough to regain its lost position after Wednesday’s trading sessions. The average trade volume for Bitcoin Cash has been somewhere between $650 million and $1 billion in the last few days. Exchange platforms that have been known to trade the maximum volume of BCH are Bitfinex, Okex, GDAX, Hitbtc, and Huobi. The most popular currencies that have been traded for Bitcoin Cash are Bitcoin (57%), US Dollar (21%), USDT (11%), Korean won (4%), and Euro (2%).
Despite the fact that the Bitcoin Cash market was down last week, the BCH community found new applications and infrastructural support. The member of the BCH community is discussing a new app called Cointext that can apparently send Bitcoin Cash to users through SMS or text messages. The developers claim that all the messages are actually on-chain transactions, similar to the tipping platform Chaintip. But since the platform is new launch, some are sceptical about the security of this app. Another interesting announcement came from Localbitcoincash exchange that claimed that it has added services such as smartcash and skycoin on its platform. According to the exchange developers, the application features zero fees to these kinds of trades.
One more addition to the Bitcoin Cash infrastructure is the implementation of an adult section of the AcceptBitcoinCash website. The developers believe that there is a huge demand for adult traders to start accepting BCH.
The BCH community seems hopeful despite the fluctuating trade graph in the past few weeks. This unique cryptocurrency continues to invite support each day from wallets, exchanges, and merchants. The BCH market has also started to gather steam once again along with other cryptocurrencies that got hammered last weekend.