eCash has pumped by over 15%, and some price predictions suggest more gains could be on the way for this struggling crypto.
Key Points:
eCash price has jumped by over 15% in the last 24 hours.
Even with the recent surge, most eCash holders are in the red.
The eCash rally came as larger cap cryptos posted modest gains following a rocky few weeks.
eCash ($XEC) pumped by over 15% today, adding to its monthly gains and pushing it into the green YTD. The eCash peer-to-peer (P2P) payments project has been struggling since the 2021 bull market ended, but the recent surge has given the bulls a glimmer of hope. Let’s dive into the project’s details and examine the leading eCash price predictions.
What Is eCash?
eCash ($XEC) was born out of the ashes of a failed ecash service set up by Dr. David Chaum in the 1990s. The e-cash startup failed, but in 2018, he re-launched ecash using blockchain technology. eCash was created as a fork of Bitcoin ($BTC) and Bitcoin Cash ($BCH) and was previously called Bitcoin Cash ABC ($BCHA).
eCash is fully EVM comparable and uses a proof-of-stake (PoS) consensus system, unlike Bitcoin and Bitcoin Cash. It’s designed to settle transactions faster and more efficiently than other Bitcoin forks. Its primary use cases are the following:
Peer-to-peer payments: eCash can be used for sending and receiving payments just like Bitcoin, but its developers argue it offers a better service for a lower cost.
Cross-border transactions: eCash can be used for cross-border transactions without the same restrictions that hamper traditional financial transactions.
Micropayments: Due to eCash’s low fees, it's ideal for carrying out micropayments.
Beyond the standard payment use cases that we’ve become accustomed to with Bitcoin forks and competitors, the project’s EVM compatibility allows for the deployment of dApps.
eCash Tokenomics
eCash ($XEC) has a maximum supply of 21 trillion and a circulating supply of 19 trillion. With a market capitalisation of $527 million, it's a top 100 crypto, and its 24-hour trading volume regularly exceeds $25 million.
eCash Price History
The eCash price surged by 15% early this morning and has since been trading flat around $0.000027. However, if we zoom out on the chart, we can see that the recent surge leaves plenty to be desired.
In September 2021, eCash rallied to its all-time high of $0.00038001. The bull market euphoria quickly wore off, and since then, $XEC has been in a death spiral. By January 2022, it had lost half of its market cap, and then, amidst the FTX collapse, it was around 95% below its all-time high.
The grim trajectory continued in the first half of 2023, and by June, eCash’s market capitalisation was under $400 million. A short-lived rally took place in July, but another crash followed that. Today’s pump has driven the market cap above $500 million again, but recent history suggests it could be a short-lived moment of joy for eCash bulls.
eCash Price Predictions
Coincodex has issued a bullish eCash price prediction that sees the crypto trading higher next month and potentially posting a 2X next year. They expect it to trade around $0.00005 at the lowest for the next two years and then surge towards its all-time high towards the end of the decade.
Changelly is not very optimistic about the eCash price in the short term, with a 10-20% forecasted eCash price drop in the next couple of months. They expect modest gains in the single digits next year before a rally in 2025 pushes the token 100% higher. They also believe a new all-time high is on the cards for the decade's end.
Digitalcoinprice’s average 2023 eCash price prediction suggests a 100% rally is on the cards, which is far more optimistic than the majority of other price predictions. Digitalcoinprice is also one of the few analysts forecasting a new all-time high before the end of 2027.
Overall, eCash price predictions are bullish in the long-term, even though most experts don’t expect a new all-time high any time soon. In the short term, the picture is mixed, Changelly expects recent gains to melt away, while others predict more returns in the coming weeks and months.
Many traders have speculated that eCash will join other Bitcoin hard forks in the grave, but most price predictions suggest otherwise.
Latest eCash News
There haven’t been any major news stories about eCash for a while, so the recent pump is most likely a product of traders and investors looking for a bargain. A couple of notable upgrades were made to the network earlier in the month, including a performance update and improved payment URLs.
Despite eCash’s price crash since 2021, improvements to the network continue to be rolled out. Source: Twitter
Conclusion
eCash is one of many Bitcoin forks that has failed to live up to the promise of out-competing Satoshi’s vision. Since 2021, $XEC has performed extremely badly, and even after the recent surge, its price is well over 90% below its all-time high. However, the eCash price predictions generally form a positive consensus, especially in the long term.
