It seems the overall cryptocurrency price uptrend is not slowing down by any means. That in itself is a big surprise, although it is a welcome sight overall. Some currencies remain extremely bullish during this time, whereas others content with small to medium gains. For The Bitcoin Cash price, the momentum is firmly in place.
Whereas there was seemingly no bottom in sight for most cryptocurrencies just a week or two ago, it seems there is a complete 180-degree turn in terms of momentum. With the way things are looking right now, it effectively becomes impossible to determine how high the values of individual currencies can go in the future. If the Bitcoin Cash price is any indication of what’s in store, the future looks incredibly bright.
More specifically, we have seen the Bitcoin Cash price rise from just above $700 to $1,138 in the span of seven days. Such unbroken upward momentum is incredibly rare in the world of cryptocurrency, even though late last year noted similar momentum. While it is still too early to determine if history will repeat itself, anything is possible in the cryptocurrency industry these days.
With another 16.82% Bitcoin Cash price increase over the past 24 hours, there is no end in sight to this uptrend. Combined with the 8.94% gain over Bitcoin itself, the future looks pretty interesting for BCH as of right now. As is always the case, solid upward momentum is usually met with a steep retrace at some point, and it is possible we will see a brief retrace at some point.
With the current uptrend in place, it is not surprising to see how the Bitcoin Cash trading volume is on the rise as well. With $1.019bn in the past 24 hours, there is a growing demand for BCH as of right now. While one would expect this volume to be even higher given the current circumstances, it has been growing gradually over the past few days.
OKEx has taken the lead in terms of trading volume once again. There is a lot of fierce competition going on in the top four, as Bitfinex, HitBTC, and Huobi are not that far behind. This does show there is a lot of attention on BCH as of right now, yet it remains to be seen whether or not this will result in a brief correction over the weekend.
For the time being, it seems likely the Bitcoin Cash price will remain above $1.100 with relative ease. We may even see a small push to $1m250 by tomorrow evening, assuming this current trend can remain in place. Given the way how things tend to evolve in the cryptocurrency world, this weekend will be quite interesting to keep an eye on.
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