The persistence of Bitcoin Cash (BCH) in the crypto conversation speaks to more than a few of the larger narratives in the space. The fact that BCH still actively trades more than it updates shows that we are still in a speculative, low information market that must trim its branches in order to fully prosper. Let's take a look at why BCH somehow retains relevance and what this says about the wider crypto market.

Bitcoin Cash is Ethereum

BCH and ETH both enjoy continued relevance in the world of crypto for similar reasons. Both protocols have been lapped by competitors over and over. Bitcoin Cash adoption is garbage compared to its rivals. Ethereum congestion and fees are a running joke that have been fixed by other protocols. The market, however, refuses to move on completely from either network.

Surprisingly, you'll find this narrative is not unique to crypto. GM, Ford and American Airlines have been zombie companies for years. "Sophisticated" investors still consider them viable, somehow. Smart money somehow realizes that other smart money won't dump GM because smart money isn't dumping GM, if that makes sense. This seems to be the prevailing narrative in Bitcoin Cash. Its Github has slowed to a grindingly slow output. There are no relevant or truly innovative dapps coming out on the platform — everything on it is an also-ran.

Ethereum is beginning to see some of this happening on its platform as well. Big rollouts like Axie Infinity made sure to have a launch on Binance, as did many other highly anticipated projects over the past few months. Even passive profit platforms like Chain and Synthetix are making sure to diversify themselves to Tron. If Ethereum isn't careful with its 2.0 rollout, it may find itself kicked out of prime consideration for the next generation app developers. The market, however, will probably take some time to catch up if its behavior with BCH is any indication.

If you need more proof that crypto holds on to old ideas far after they are relevant, consider the market activity of some of 2017's other big disappointment coins — EOS, TRX and BSV, among others.

The Market is Still in a Speculative Phase

Although it is difficult to see when you are knee deep in the market, we are all incredibly early to the crypto party. Some of the biggest names in the space like Polkadot have yet to deliver on their promises from years ago. The value of these projects, and of the market as a whole, is still based firmly in speculation.

Part of BCH's value is that no part of the market has delivered on its promise enough to completely discount Bitcoin Cash as a network or as a viable currency. It is still perfectly feasible that the market and developer mindshare turns its attention back to BCH and begins to work on it as the new leader in the space. It all depends on the marketing campaign that BCH proponents create within the next few years. If Ethereum 2.0 has bumps in the road, that could be a great opportunity for BCH to recapture mindshare. Contrary to popular belief, it will need developers before it will be able to attract new speculators. It is much easier these days for an unknown anon to fleece investors than a known entity.

BCH Still Has the Name

The new investors coming into the market see "bitcoin" and their eyes still get wide. Bitcoin still has primary name recognition for those investors outside of the market. You might be surprised at how ignorant the "smart money" is when it comes to crypto knowledge. When you finally have the revelation as I did, that big money doesn't necessarily correspond to big brains, you'll realize how anything named bitcoin, including the countless forks that have added nothing to the crypto market, can still exist.

Much of the volume in BCH could be from outside speculators who are just getting into the crypto game. While established investors are focusing on selling their data and NFT gaming, newbies are just buying their first bitcoin and feeling quite rebellious about it. Watch the price action on old accounts, however. The fact that established investors are staying away from all bitcoin forks should tell you everything that you need to know.

In short, BCH speaks to shortcomings in human nature rather than in crypto alone. We humans have a hard time letting go of old friends. At one time, Bitcoin Cash was a viable and forward thinking alternative. Lack of mindpower into the system, however, has slowed its technical relevance to a grinding halt. We love to speculate. No one is actually delivering in 2020 — the market is driven completely on what teams might do in the future. And finally, new investors are investing in anything bitcoin. The market is small enough that these new investors can seem like legitimate volume unless you known how to track the movement of price action.