This past weekend was rather interesting for Bitcoin Cash supporters, to say the very least. After last week’s massive pump, it seemed the weekend would result in a big correction. That hasn’t entirely happened, although the Bitcoin Cash price dipped below US$600 again. Ever since, things have been looking positive again for this popular altcoin. Reaching US$650 again shouldn’t be too difficult at this rate.
Bitcoin Cash Price Recovers From a Rough Weekend
Most altcoins are slowly getting back on their feet after suffering some major losses last week. With the Bitcoin price momentum still intact, it is only normal that altcoins would bleed value left, right, and center. Bitcoin Cash was one of the few to have successfully bucked the trend, even though no one’s entirely sure why the price increase took place last week. Nor does anyone know why the Bitcoin Cash price is continuing to go up right now either.
Regardless of the cause, the Bitcoin Cash price has risen another 6.35% in USD value. Moreover, it gained another 8.18% on Bitcoin itself after a somewhat tumultuous weekend. The past two days saw a small correction for BCH, although that was only to be expected. After the massive gains enjoyed last week, it was only a matter of time until profit-taking would briefly outweigh traders attempting to pump the Bitcoin Cash price to new heights.
Right now, this uptrend is back in effect, although it remains to be seen how things will play out. There is a real chance the Bitcoin Cash price will surpass US$650 before the day is over. Whether or not it can stabilize around that price point is a different matter altogether. There is still a lot of profit-taking to be done by people who bought in during the previous rally. At the same time, there are lots of people who bought at the top and are still chasing profits as well.
With nearly US$1 billion in 24-hour trading volume, things look pretty solid for Bitcoin Cash right now. The demand is certainly there, even though it still mainly originates from South Korea. With a lot of Bithumb pumpers switching over to Ethereum Classic, it will be interesting to see if the Bitcoin Cash price is affected at all. No one knows for sure how things will play out in this regard, but there is no reason to despair just yet.
Bithumb has a clear lead over all other exchanges with BCH trading markets right now. Its 24-hour volume is almost four times as high as that of HitBTC, which has suddenly become the second-busiest platform for trading BCH. Bitfinex rounds out the top three, further confirming that Korean traders are moving on to the next coin to pump and dump. It’s an interesting situation to keep an eye on, as a lot could change in the hours and days to come.
For the time being, things are still looking pretty solid for the Bitcoin Cash price. Whether things will go up from here or correct further remains to be determined. The speculative side of Bitcoin Cash certainly would allow for either outcome in the next few days. With the Bitcoin price struggling a bit, it seems to be only a matter of time until altcoins start making major gains again. Then again, Bitcoin may very well push toward US$8,000 as well.