eCash maintains relative price strength during crypto rout
(Set 20, 2021) - News of a potential contagion caused by the default of Chinese property developer Evergrande spooked the markets today, with the Dow Jones Industrial Average tumbling more than 2%. The global crypto market was not spared dropping almost 9% overnight.
One crypto strong spot was eCash (XEC) a relative newcomer to the crypto space having forked from Bitcoin Cash (BCH) in November 2020 in an internal dispute over the project’s direction.
Although newly branded as eCash on July 1st, 2021 (edited), the blockchain shares the same genesis block with Bitcoin (BTC), and its price redenomination into bits and cash focused roadmap has given the currency a significant price lift in recent weeks.
eCash Price Chart
While XEC’s price fell overnight with the rest of the market, it picked up a few spots on CoinMarketCap, settling in at #36 from #40 the day before. Over a 7-day period it is one of just a handful of crypto currencies in the top 50 whose price change remains in the green. The XEC price currently sits at $.00021.
At the same time XEC’s older sibling Bitcoin Cash (BCH) has struggled, notching an 11% drop to under $550.
The crypto pair is currently battling it out for cash supremacy.
eCash claims that the Avalanche layer it is building on top of its proof of work consensus will make the chain more secure and with faster transaction confirmation times than BCH, key elements needed to become sound money.
Based on eCash’s ascent up CoinMarketCap’s ranks the market seems to have taken notice.
The ratio of the BCH price to the BTC price continues to fall with lower highs and lower lows. The BCH brand has failed to separate itself from big daddy Bitcoin, and the recent launch of its Ethereum-like side chain SmartBCH has some market participants questioning its commitment to being cash for the world.
Currently eCash’s market cap is less than half that of BCH so there may be room to go much higher and possibly eclipse BCH.
The above is opinion only and is not financial advice.