The Bitcoin Cash uptrend is still in full effect, even though no one can explain why exactly. We have seen the market capitalization of BCH rise to nearly US$10 billion over the past few days, which is more than twice what it was not too long ago. Moreover, the Bitcoin Cash price itself has quickly risen from under US$360 to over US$580. It’s an interesting trend to keep an eye on, to say the least.
Bitcoin Cash Price Rally Continues
It is remarkable to see how the Bitcoin Cash price has evolved over the past several days. A week ago, the BCH price was well below US$350, which appeared to be the ceiling at that point in time. Ever since then, however, things have certainly evolved in a rather interesting direction. While it remains to be seen how “valuable” BCH really is these days, no one can deny speculators are having a lot of fun with BCH right now.
That being said, the past week has seen some interesting dips as well. After the Bitcoin Cash price rose to US$515 on October 29th, a big dip soon followed. More specifically, the price dropped all the way to US$420 in short order, which seemed to indicate that this Bitcoin Cash pump would come to an end sooner or later.
Surprisingly, that isn’t how things played out. Rather, the Bitcoin Cash price started to rise again and quickly retook the US$480 level. Over the past two days, this trend has remained intact, pushing the BCH price to US$580.5 in the process. That is quite remarkable, to say the very least, even though there is still the question as to why Bitcoin Cash deserves to be valued at this level. After all, it is an alternative version of Bitcoin with far less traction and usability compared to the real thing.
Speculators couldn’t care less about whether or not Bitcoin Cash is useful these days, though. The US$1.329 billion in 24-hour trading volume shows how speculation is driving the Bitcoin Cash price up first and foremost. It is evident a lot of people want to make good money by buying BCH cheaply and selling it at a higher price. Right now, it seems a price correction is only a matter of time, although this has been on the horizon for nearly a full week now.
The demand from South Korean speculators is bigger now than it ever was; that much is rather evident. Bithumb has generated over 51.3% of all BCH trades over the past 24 hours, which is a very worrisome trend. Few people seem to actually care about that, though. Coinone and Korbit are a distant second and third on the list of the top three exchanges ranked by trading volume. Indeed, most major exchanges haven’t seen a big increase in BCH trading volume lately.
Whether or not the Bitcoin Cash price can surpass its previous all-time high remains a big mystery. Even with the current gains locked in place, the all-time high sits at over US$1,100. That means the current Bitcoin Cash price is only halfway there, and it is highly doubtful this pump can be maintained indefinitely. Right now, it seems BCH is going up when Bitcoin goes up. Once that trend reverses – and it eventually will – this market could get pretty bloody very quickly.
Roger Ver and his bitches are freaking out at BTC’s never ending price rise.
They are pumping Btrash like crazy.
Basically, Roger Ver has some screws loose.
BitcoinCash is the Phoenix rising. BitcoinCash is the future of cash and the big players know this. Why hold legacy bitcoin just before the fork. Sell it and buy back the chain that survives … lol all the way to the bank 🙂
Does the publication just let anyone author whatever they want without any sort of research? If you had done your homework before you wrote this article you would know that there is some infighting going on as to which is the real bitcoin. Many of the original bitcoin people like Roger Ver believe bitcoin Cash is the real bitcoin. The bitcoin core people are angry saying that they are the true bitcoin. There are many valid reasons why Bitcoin Cash might flippen and pass Bitcoin because it holds truer to Satoshi’s vision. Many insiders and miners are already switching over and buying up as much Bitcoin Cash as possible. If you haven’t researching this you should. You might just see Bitcoin Cash at 10,0000 next year. Learn about it so you won’t be SURPRISED that it moved up for no apparent reason.
My thoughts exactly. What a poorly researched piece offering zero insight.
There’s a few reasons why Bitcoin Cash is rising. It provides an immediate solution to the congestion problem that Bitcoin Core has. It has cheaper transaction costs and faster confirmation times. The upcoming Bitcoin split between Segwit 1X and Segwit 2X versions could get really messy. The upcoming Bitcoin Cash upgrade is set to improve its Difficulty Adjustment level, which is expected to make it better for miners and more stable for Bitcoin Cash users. When people begin to see these, they start buying it.
You hit the nail on the head. They act like Bitcoin Cash is rising for “no apparent reason” when the reason is quite obvious.
The way I see it, the more the competition the better. The more investors can put their money. Even at this level, I think especially Bitcoin Cash has much room to grow. I hope these two kinds of Bitcoin (whichever comes on top from the Segwit2x or if it splits in two) push each other to higher levels. The interests from the financial sector has just become and if the whole might of the world finance is transferred over, there is enough for both of these coins to split the pie. I actually feel the competition is very healthy. I don’t know about you, but I would not want one group to hold all the cards. With different groups competing with each other, you could have a balance of financial power. A new check and balance for the financial future if you will. If Bitcoin Cash can proof itself, then it can rival Bitcoin or be that bridge of in between. As you can already see, Bitcoin Cash, covers up what Bitcoin can’t or is too heavy to maneuver. Even if the Bitcoin does do a successful split, all the arguments and in-fighting is not likely going to make it easy to increase in block size as Bitcoin Cash. Bitcoin Cash, I feel will always be faster however, but it may also be worth less than Bitcoin, but be in certain percentage of it. I say this because Bitcoin is the first and the original it has to succeed or the other, even it’s off-springs may suffer its failure. Also there already is too much money in Bitcoin, for it to fail. The financial powers that will be will keep Bitcoin from failing or losing it’s worth.
I don’t know about anyone else but I just started getting into crypto. What I have found is that bitmain makes the best ASICs. If you want to buy those ASICs you need to get BCC/BCH to order them with. Currently Bitmain is sold out on all of their products except PSUs. There’s probably a lot of people bought into BCC/BCH just so they can buy the antminers when they come out, like me.