Bitcoin Cash (BCH) took a beating this past week. The cryptocurrency saw its value drop 39%, or about $588, over the course of seven days. All BCH followers should have been happy then, when they grabbed a cup of coffee, opened their trading apps and saw that the coin was on the rebound.
BCH’s price is currently holding steady around $1,000 and most recently climbing to above $1,200 after starting to bounce back on Wednesday. Trading volume has swung between around $650 million up to $1 billion over the past week with GDAX, Bitfinex, Okex and Hitbtc being just a few of the exchanges that have been trading the most BCH in the past couple of days. BTC has been leading the latest rounds of BCH trading with 57% followed by the U.S. dollar at 21%. Tether is in the mix as well, at 11% with the Korean won and the euro trading at 4% or less.
Despite the decline in positive market growth in the last week, BCH’s community support didn’t waver. New applications and a lot of infrastructure were introduced to help improve the currency’s position.
Cointext, a newly-created app for sending BCH through SMS text messages, was released and quickly became a major topic of conversation among BCH enthusiasts. The app works similar to the tipping platform Chaintip and all texts are virtual currency on-chain transactions. Despite the app’s positive acceptance by the community, some wonder how secure the service can be since it uses an unencrypted text messaging system as its foundation.
The warm reception given to Cointext was followed by another one for the Localbitcoincash exchange. As of yesterday, skycoin and smartcash services have been included in the platform. The implementation is completely free of any fees. Users can exchange the supported cryptocurrencies on the platform as often as they like, and never be charged any fees.
The BCH infrastructure also saw the AcceptBitcoin.Cash website adding an adult section to its popular portal. The site’s developers have seen a demand for adult merchants to accept Bitcoin Cash, and they listened. The development team has seen more than 70 submissions since it launched its request form, and added virtually all merchants to the site in less than three weeks as a result of the requests.
The BCH community is on a euphoric high with the recent string of positive events for the coin. Exchanges, merchants and wallets every day are putting their support behind the digital currency, and the markets are starting to bounce back. 2018 is beginning to shape up to be an incredible year for the cryptocurrency.