It is safe to say now is a good time to be involved in cryptocurrencies. With the markets showing a lot of positive momentum as of right now, it will be interesting to see how long this trend can remain in place. If the Bitcoin Cash price is any indication, things will only get better from here on out. Thanks to solid gains throughout this week, the Bitcoin Cash price is heading back to $1,000.
Bitcoin Cash Price Momentum Remains Strong
Similar to most other cryptocurrencies on the market, Bitcoin Cash has seen a fair bit of positive momentum in the past few days. With the value rising from $758 all the way to $978.57 in quick succession, it has become rather evident the demand for BCH is not slowing down by any means. Even so, there is a good chance this uptrend will grind to a halt at some point before the gains get too ridiculous.
Thanks to another 10.19% Bitcoin Cash price gain over the past 24 hours, things are looking pretty good This new price increase has pushed the value to nearly $1,000 and it is possible that four-digit price will be reached in the very near future. It will somewhat depend on how the Bitcoin price evolves, as there is a fair bit of resistance forming as we speak.
Bitcoin Cash has also gained 8.49% over Bitcoin itself, which is a rather promising development. Although this gain is lower compared to the actual USD gain for BCH, there is no reason to be concerned just yet. It is only normal Bitcoin gaining in value will effectively shake things up in the altcoin world as well, For now, the Bitcoin Cash price seems to in a good place, although reaching that $1,000 goal will be something to look forward to for all BCH holders.
With $741.726m in 24-hour trading volume, the demand for Bitcoin Cash appears to be growing as we speak. More specifically, the buyers are clearly dominating the market right now, even though we may see a temporary retrace in the very near future. all of these gains will not necessarily remain in place for much longer until the excitement calms down again.
As of right now, Huobi is the leading cryptocurrency exchange for BCH trading. That in itself is a rather surprising development, but also an interesting one. HitBTC is in second place, with Bitfinex lurking in third position. This is not necessarily the order most people would expect to see at this point, but it’s always good to see things play out a bit differently. With just one fiat currency pair in the top five, there is not that much fresh capital entering the market as of right now, though.
For the time being, it remains to be seen what the future will hold for the Bitcoin Cash price. Anything is possible in this industry, and we may very well see a $1,000 price later today. At the same time, it is evident there will be some negative pressure across all markets as well, as things tend to turn around whenever solid gains are materializing. For now, the charts are incredibly fun to watch.