Bitcoin Cash is one of those currencies which continues to surprise a lot of people. Political shenanigans aside, this altcoin is here to stay, for all intents and purposes. It is still the third-largest cryptocurrency by market capitalization, thanks to another 12.34% price gain over the past 24 hours. With the Bitcoin Cash price above US$1,600, it will be interesting to see where it goes from here.
Bitcoin Cash Price Starts Moving up Again
Ever since Bitcoin Cash came to market, there have been a fair amount of diehard Bitcoin users complaining about this altcoin using the Bitcoin brand and potentially tricking novice users into believing it to be the world’s leading cryptocurrency. It is not difficult to distinguish between BTC and BCH, as both projects are evolving in different directions as we speak.
With the Bitcoin Cash price holding steady over the past few weeks, an interesting situation is created. The all-time high Bitcoin Cash price of US$2,800 may never be reached again, for all we know, but this altcoin still has a lot of value associated with it. As of right now, the Bitcoin Cash price is back above US$1,600 once again, further confirming that this altcoin can hold its own against Bitcoin.
Over the past week or so, we have seen the Bitcoin Cash price hover near the US$1,650 mark. However, things have started heading south a bit in the past three days, as the BCH value dropped to US$1,240. It seems things are slowly getting back to normal as we speak, mainly thanks to some solid gains over the past 24 hours. BCH is gaining against both USD and BTC, which indicates a solid uptrend, for the time being.
Moreover, the trading volume of US$1.27 billion in the past 24 hours should not be overlooked either. Very few alternative cryptocurrencies can even come close to US$500 million in 24-hour volume, yet Bitcoin Cash seems to surpass this mark on a regular basis. It is this trading volume which is helping the currency go up in value. With solid demand to buy BCH rather than to sell, we may see some more price gains before the day is over.
As one has come to expect, the majority of Bitcoin Cash trading volume originates on the Bithumb exchange. With over 28.5% of all trades emanating from one platform, the rest of the exchanges clearly have some work to do. HitBTC is the #2 platform, followed by Bitfinex. These three are the only exchanges generating over US$100 million in BCH volume, which is nothing out of the ordinary. Moreover, Bithumb has the Bitcoin Cash price at nearly US$1,675, which may be the next price target for Western exchanges.
It will be interesting to see if Bitcoin Cash can further solidify its position in the market. There’s nothing wrong with being the third-biggest currency by market cap, mind you. However, there is still a chance to overtake Ethereum in the near future, depending on how things play out. Such a flippening happened once already, but things reversed soon afterward. The future looks pretty interesting for BCH; that much is evident.