According to the reports from CoinMarketCap, Bitcoin Cash is currently trading at $325.33. Although this value is nearly 1% down from its price on the previous day, the weekly analysis looks healthy with an 18.57% rise. However, the coin also reported a staggering $42,270,556,392 trading volume for the last 24 alone. This number has brought Bitcoin Cash to the 27th rank by trading volume in the list CoinMarketCap. Despite the moderate performance, such an impressive number on the chart has brought Bitcoin Cash to LocalBitcoins’ listings.
LocalBitcoins is a crypto exchange platform that facilitates peer-to-peer exchanges. In a recent announcement, the platform listed Bitcoin Cash along with a few other coins as it plans to change its approach towards cryptocurrencies. Previously, the platform held firmly onto a Bitcoin-only policy which, to the recent developments, looks unsustainable. The announcement listed some fiat currencies allowed for global usage and other pairs with geographical restrictions.
Bitcoin Cash is a digital payment system that was forked from Bitcoin in 2017, given the latter’s phenomenal growth. This peer-to-peer virtual money attempts to become a global currency by addressing issues like transaction speed, cost, sustainability, and capacity. These are primarily the issues found on the Bitcoin blockchain. BCH has brought several modifications to it and even increased the block size from 1Mb to 8Mb. Bitcoin has been designed to provide the services of a fiat currency without the need for a central body. According to this Bitcoin Cash price prediction, the token could potentially reach $1500 by the year-end. This looks only probable as the coin’s all-time high lies somewhere above $4000.
Bitcoin Cash looks like a lucrative addition for the diminishing market of LocalBitcoins. Yes, the peer-to-peer exchange, which used to enjoy its position as the only place for Bitcoin purchase, has become one of the many ways in recent times. The reason for the shift is the sudden rise in the number of cryptocurrency exchanges after the crypto boom of 2021. Reportedly, the platform has not even changed its website interface since 2021. Now, as a consequence, the platform has relaxed its Bitcoin-only rule to preserve its relevance in the market by welcoming other tokens like Bitcoin Cash.
This would be a positive push for Bitcoin Cash’s price movement as well. As both projects focus exclusively on peer-to-peer connectivity for Cryptocurrency transactions, there is a higher chance for a mutual enhancement of operation. A long-standing exchange like LocalBitcoins could give BCH the necessary propulsion to reach the predicted $1,500. Not to understate, but it will be just one of the many reasons that could realize such a hike in BCH’s price.