Bitcoin Cash Price Eyes $500 Target but Will Likely Retrace Soon

While most people are keeping an eye on the Bitcoin price, there are other currencies making some moves as well. With most of the market in bearish or sideways mode for now, Bitcoin Cash is a notable exception. The Bitcoin Cash price has increased by 4.79% over the past 24 hours and reaching US$500 is certainly possible. It’s an interesting trend to keep an eye on, even though many people still doubt the viability of BCH.

Bitcoin Cash Price Keeps Inching Upward

In a way, it is good to see Bitcoin Cash make some moves every now and then. While it will not replace Bitcoin itself anytime soon – or perhaps ever – the currency has a solid community behind it. Moreover, a lot of cryptocurrency service providers have enabled or will enable support for Bitcoin Cash. This goes to show there is a genuine demand for BCH as a way to pay for goods and services in many different ways.

All of this positive momentum is slowly translating into a proper Bitcoin Cash price point. Calculating the value of a token Bitcoin holders received free of charge is rather difficult. Considering how a lot of users sold their BCH at an early stage, this coin’s future was in jeopardy from day one. Things have turned out all right, though, with 1 BCH now valued at US$488.12. That is a 4.79% value increase over the past 24 hours.

Many people will question why the Bitcoin Cash price is going up now, all of a sudden. There are some rumors of how Bitcoin Cash may become the Bitcoin of China, although that is nothing more than wishful thinking right now. Then again, Chinese mining companies are not affected by the government’s crackdown on cryptocurrencies, and quite a few of those support Bitcoin Cash in one way or another. For now, it is unclear what all of this means or how things will evolve.

Back to the matter at hand, no one can deny the Bitcoin Cash price is heading toward US$500 as we speak. Whether or not it will go much higher than that over the next few hours remains to be seen. Bitcoin Cash had an all-time high of nearly US$900, although surpassing that value will be pretty difficult. As long as Bitcoin remains in its bearish-sideways momentum, no other coins will see any major gains which can be sustained for longer than a day.  

With around US$1 billion in 24-hour trading volume, interesting things are bound to happen for Bitcoin Cash. Most of this volume comes from the Bithumb exchange, indicating strong demand from Korean traders. Do keep in mind traders on Bithumb often influence prices as a way to create brief pump-and-dump cycles. It is certainly possible the current Bitcoin Cash price momentum is a direct result of this trend. For now, it is still too early to determine if that is the case here, though.

What is rather remarkable is how HitBTC is currently ranked second by volume. Ever since Chinese exchanges saw a decrease in overall trading volume, new players have started to emerge. Korbit and Coinone are completing the top 4 for Bitcoin Cash right now. All of these markets are pretty interesting ones to keep an eye on. Once the Korean volume dries up, however, things could go south pretty quickly for the Bitcoin Cash price. Only time will tell how this situation unfolds.