Like most market participants, you might be watching Bitcoin (BTC) moves very closely, but what's going on with Bitcoin Cash (BCH) might interest you even more. Take a look at the graphic below, which illustrates the relative miner reward for work done (DARI). Pay close attention to the sudden hash rate change over the last two days - it appears that Bitcoin miners have almost entirely migrated from mining Bitcoin to Bitcoin Cash.
Also, take a look at this chart – over the last two days, BCH has peaked at 17 blocks/hour (note: BCH, like BTC, targets six blocks/hour, so an 11 blocks/hour delta is substantial.
Following the Hash Rate May Lead You to the Price
Another key datapoint to note here is that the relative hash rate % for BCH hit a peak of ~5% over the last two days. This has a key implication for the traders as the relative price generally follows the relative has rate price between the two coins. Which means that if BCH sustains a ~2% relative hash rate, that forecasts a price of >$1,200 for BCH. Move that up to ~3% and the price target hits >$1,800.
Don’t believe me? Check this out for yourselves on the DARI section of fork.lol (note: DARI stands for Difficulty Adjusted Reward Index and is calculated as follows: (block coinbase+fees in satoshis) / (block difficulty) * (exchange rate in USD)).
Happy trading folks!
Posted Using LeoFinance Beta
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