In the world of cryptocurrency, there is no such thing as a boring day. Right now, the Bitcoin Cash price is of great interest to a lot of people, which shouldn’t come as much of a surprise. Despite an earlier rise to US$3,000, the Bitcoin Cash price has dropped to US$2,500 again. However, it seems likely BCH will make another run at US$3,000 before the week is over.
Bitcoin Cash Momentum Intensifies
With the Bitcoin price not in the best of places right now, it only makes sense that cryptocurrency traders would look for alternative investments. It seems most of those people are showing an interest in Bitcoin Cash right now. While no one knows for sure if BCH can ever displace Bitcoin as the world’s leading cryptocurrency, there are plenty of reasons to keep an eye on the Bitcoin Cash price right now. Despite the onslaught affecting Bitcoin’s value, BCH has remained relatively stable in comparison.
Indeed, the Bitcoin Cash price has not dipped below US$2,250 in the past week. Although some people had expected this altcoin to drop well below US$2,000, nothing of the sort has happened. This further confirms that Bitcoin Cash is in a good place right now, even though most people wouldn’t mind seeing the price go up even further. With the Bitcoin Cash price mounting a surge to US$3,000 two days ago, an interesting trend was established.
Unfortunately, this trend could not be maintained for long, as the Bitcoin Cash price eventually dipped below US$2,300 again. However, a new attempt to reach US$3,000 was launched a few hours ago. Despite reaching that value, the price was rejected again in short order. Right now, one BCH is valued at nearly US$2,500, which seems to be the middle ground for the time being. Rest assured this is not the last attempt to reach a value of US$3,000 per BCH, though.
With over US$2.55 billion in 24-hour trading volume, no one can deny the demand for Bitcoin Cash is rather substantial right now. Although plenty of people have taken profits during these somewhat volatile times, the overall sentiment seems to be on the bullish side of the spectrum. It is evident people are scalping profits for any cryptocurrency right now, but it seems to be a matter of time until the Bitcoin Cash price stabilizes at the US$3,000 level.
The vast majority of BCH trading volume originates from an unexpected place. More specifically, it is the OKEx exchange which has most of the 24-hour volume, as it’s carved out a US$40 million lead over Bithumb. Bitfinex rounds out the top three markets as we speak. With two fiat currency markets among the top 10, fresh capital is still entering the BCH ecosystem on a regular basis. Even though the South Korean prices are no longer relevant to CoinMarketCap, they show that the demand is not slowing down by any means.
Right now, the Bitcoin Cash price seems to be holding its own with relative ease, despite the massive volatility affecting all other cryptocurrency markets. Whether or not this will result in any solid long-term gains has yet to be determined. Anything is possible at this point, and we have not seen the last major shakeup in the world of cryptocurrency just yet. It is well worth keeping an eye on everything that is happening right now, and the Bitcoin Cash market is no exception in this regard.