Is It Too Late to Invest in Bitcoin Cash? BCH Price Surges 11% as GambleFi Project Hits $700,000 Milestone
Tim Hakki
Last updated: May 8, 2024 10:28 EDT
| 3 min read
Bitcoin Cash (BCH) has experienced significant price gains in the past week, outperforming the leading cryptocurrencies Bitcoin and Ethereum.
Since Wednesday, May 1, the price of Bitcoin Cash has risen by 11% and is currently trading at $453. In comparison, Bitcoin (BTC) has risen by 8% and is trading at $62,370, while Ethereum (ETH) has only seen a 3.5% increase and is trading at $2,999. Solana (SOL), another competitor, has experienced a substantial 19% surge and is currently trading at $146.
Bitcoin Cash is currently trading above its three-month low of $350 but is still far below its high of $700 during the same period. The coin is currently $15 short of its 30-day moving average.
The recent decrease in price may be attributed to a selloff, as indicated by Bitcoin Cash’s relative strength index (RSI) of 37, which is falling and only 7 points away from being oversold.
Bitcoin Cash (BCH) and original Bitcoin (BTC) share a common history. They were technically the same before 2017. However, in that year, Bitcoiners split into two factions with the introduction of the Bitcoin Improvement Proposal (BIP) 91.
The faction that forked from Bitcoin to Bitcoin Cash advocated for larger block sizes, which resulted in reduced fees and increased transaction processing capabilities. However, larger block sizes require more mining power, making mining only viable for universities, private companies, and other organizations.
The increased speed and utility of Bitcoin Cash made it the preferred cryptocurrency for supporters of larger block sizes, who view Bitcoin primarily as a means of payment. On the other hand, original Bitcoin enthusiasts consider it more as a store of value.
But Bitcoin Cash isn’t the only cryptocurrency worth considering. The world of GambleFi offers numerous opportunities beyond traditional payments and storing value. One such project is GambleFi.
GambleFi refers to crypto-native online gambling platforms or products. According to Statista, online gambling is projected to generate $100.90 billion in revenue this year, making it an ideal market for cryptocurrency to showcase its utility.
One of the prominent projects in the GambleFi sector is Mega Dice. The Solana-based GameFi token’s Initial Coin Offering (ICO) began in mid-April and has already attracted over $800,000 in investments, according to the token’s website.
Mega Dice, launched last year, is the world’s first licensed crypto casino accessible through the popular messaging app Telegram. With 50,000 players already signed up, it has become a well-established name in the GambleFi industry.
As the platform’s native token, $DICE can be used to fund games and receive winnings. Additionally, players who use $DICE will enjoy further benefits as the token will be integrated into the loyalty program, offering more generous rewards and unlocking exclusive competitions and VIP experiences.
Mega Dice has also announced a buyback and burn program, meaning the casino will periodically buy and remove some tokens from circulation to maintain scarcity and drive up their value.
Stay updated on Mega Dice news through X/Twitter and Telegram. Join the presale on the Mega Dice website.
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Disclaimer: Cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and does not constitute investment advice. There is a risk of losing all of your capital.
