Categories: CryptoNews

Bitcoin Cash Price Is on Target to Reach $700 Soon

Even though the Bitcoin Cash price rise makes little sense to most people, things continue to evolve in an interesting direction. It seems there is some genuine buzz regarding this altcoin’s upcoming hard fork. This should make BCH more mature and appealing to investors, while also removing the controversy associated with its mining difficulty algorithm. Right now, the Bitcoin Cash price is hovering around US$670.

Bitcoin Cash Price Continues to Shock the World

It has been an interesting week for all cryptocurrencies, to say the very least. Whereas the Bitcoin price is dominating most of the headlines, the Bitcoin Cash price trend can’t be overlooked either. The latter’s momentum continues to surprise a lot of people, which is only normal. Not too long ago, one BCH was worth just US$350, whereas it is now valued at US$670. Such massive growth isn’t unprecedented, but it comes at a time when few people expected it to happen.

Indeed, the Bitcoin Cash uptrend is still going strong as we speak. About 24 hours ago, we saw the price fail to reach US$600. Although the dip that followed wasn’t entirely unexpected, there is always the question of whether or not such rejections herald a major retracement. So far, the Bitcoin Cash price hasn’t seen a major correction just yet, as the uptrend is still in full effect as we speak. In fact, the price keeps on climbing, which will please a lot of early investors.

Over the past 24 hours alone, we have seen the Bitcoin Cash price increase by another 16.34% in USD terms. Moreover, BCH continues to gain on BTC as well, as its value is back over 0.09 BTC thanks to a 10.39% increase since yesterday. Achieving gains in both departments is pretty impressive for any altcoin, especially when it is Bitcoin Cash. Then again, no one knows how long this trend will continue, as there are still a lot of questions which need to be answered.

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For the time being, the Bitcoin Cash trading volume is nothing short of impressive. With over US$2 billion in volume over the past 24 hours, Bitcoin Cash is generating more volume than most other altcoins combined. That in itself is pretty impressive, to say the very least. It is quite remarkable that everyone is flocking to either Bitcoin or Bitcoin Cash right now rather than to established altcoins such as Ethereum or Litecoin. It is certainly possible this is only a temporary trend, although it is impossible to predict how things will evolve in the next few days and weeks.

Similarly to most days, Bithumb is still the place to be when it comes to buying and selling BCH. With over US$1 billion in 24-hour trading volume, this exchange is clearly dominating the landscape. No other exchange comes even close, as the second and third platforms on the list of exchanges ranked by trading volume are generating less than one-fifth of Bithumb’s volume. This situation would seem difficult to maintain for much longer, although it remains to be seen if Bithumb loses traction in that regard.

In the end, one has to keep in mind how there is a lot of speculation associated with the current Bitcoin Cash price trend. Speculators are making a lot of good money in this market, although continued growth requires that people are willing to buy this altcoin. Until BCH has the appeal Bitcoin has from a usability perspective, it remains to be seen how high the former’s value can go in the future. A new all-time high isn’t out of the question by any means.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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