The Bitcoin Cash price has been going up and down quite a bit over the past few weeks. Especially over these past seven days, this market has been remarkably volatile, to say the least. As of right now, the Bitcoin Cash price is hovering near the US$350 mark, which seems to be its limit for the time being. Things may yet improve in the coming hours, but no one should be overly excited.
Bitcoin Cash Price Action is in Place
Given the current Bitcoin price trend, it is not entirely surprising to see most altcoins suffer from small to medium-size setbacks right now. One altcoin proving an exception in this regard is Bitcoin Cash, the only Bitcoin hard fork that matters to date. Although it is not even close to displacing Bitcoin anytime soon, Bitcoin Cash has solidified its place in the world of cryptocurrency. Right now, in fact, it is the world’s fourth-largest currency in terms of market capitalization.
That being said, the Bitcoin Cash market cap has shrunk quite a bit as of late. This is due to the Bitcoin Cash price tanking as well, which is not entirely surprising at this point in time. After reaching its initial all-time high of nearly US$1,200, the Bitcoin Cash price has come back down to earth. After all, it is still a “clone” of Bitcoin lacking the community support or traction of the world’s leading cryptocurrency.
As of right now, the Bitcoin Cash price sits at US$354.83. That is a solid value and represents a 5.3% increase over the past 24 hours. It is also worth noting BCH has gained some value against Bitcoin itself, although this 2.58% fluctuation is not exactly impressive either. At one point, BCH was valued at 0.15 BTC, whereas it is worth just 0.06 BTC right now.
That being said, the current Bitcoin Cash price is being affected by slightly above-average trading volume. With US$342 million worth of BCH changing hands over the past 24 hours, things are looking somewhat promising. Then again, a spike in trading volume is often a sign of a 24-hour pump-and-dump cycle. Moreover, it is possible a few miners are unloading their BCH holdings as of right now, although that is mere speculation at this point in time.
Looking at the list of exchanges ranked by BCH trading volume over the last 24 hours, there are no big surprises whatsoever. Bithumb is generating almost seven times the volume of most traditional exchanges trading Bitcoin Cash right now. HitBTC is the only other standout, even though the company is seeing just over half of Bithumb’s volume. Both Bithumb and HitBTC combined represent over 62% of all Bitcoin Cash trades right now, which seems to confirm the pump-and-dump cycle theory at this stage.
Whether or not the Bitcoin Cash price will reach US$400 in the coming hours remains to be seen. It almost appears as if the current upward momentum is running out of steam. It will be interesting to see how things play out for this altcoin, but it seems the room for further price gains is somewhat limited right now. Bitcoin Cash will not go away anytime soon, but there is only so much one stands to gain by holding this altcoin right now.