It has been a very interesting week for most cryptocurrencies. After a steep dip, we now see an equally steep uptrend materialize out of the blue. For the Bitcoin Cash price, things are quickly moving up, as the value has increased by over $300 since May 29. A very positive trend, albeit one that will be difficult to maintain.
The Bitcoin Cash Price Surge
Similar to most other cryptocurrencies on the market today, this past week has proven to be both interesting and slightly confusing. To put this into perspective, the week was off to a terrible start, with most markets losing over 10% in a 24-hour span. For the Bitcoin Cash price, this results in a dip from $970 to $889.57 in very quick succession.
Although such dips are not entirely uncommon in the world of cryptocurrency, it is never a good sign. This time around, the situation has turned around once again, as the Bitcoin Cash price has recovered quite nicely ever since that dip. Thanks to solid gains virtually every day since May 29th, the Bitcoin Cash price has now increased to $1,128 again. A very positive trend, although one that can always turn around at any given moment.
This current gain is the direct result of a 9.41% over the past 24 hours. That in itself is already positive, but there’s also an 8.52% increase in the BCH/BTC ratio at the same time. This seems to confirm Bitcoin will face some struggles to gain market traction, whereas most altcoins do not suffer from that momentum as of right now. A peculiar development, although one that can only mean positive things are on the horizon for the industry.
Bitcoin Cash also notes a strong trading volume of $747.27m. It is not necessarily the highest trading volume BCH has ever seen in the past, but it is still pretty significant regardless. Even so, the overall cryptocurrency trading volume is still relatively low, and that is also affecting the BCH volume. For now, it doesn’t hurt the price momentum, though.
Looking over the exchanges ranked by trading volume, OKEx is still the go-to place. Its USDT and BTC pairs are both in the top three, separated by Huobi’s USDT market. Bitfinex is in fourth place with its USD trading pair, and LBank closes the top five with another Bitcoin pair. A solid collection of different pairs and markets, although it remains to be seen how high the Bitcoin Cash price can go.
For the time being, it is evident there is positive momentum across all of the cryptocurrency markets. That in itself is more than welcome at this time, although everything needs to be put into its proper perspective first and foremost. Any uptrend in the cryptocurrency industry is usually followed by a brief dip, yet it remains unclear if that will be the case this time around.