The past two days have been pretty rough for most cryptocurrencies. When the Bitcoin price takes a big tumble, all alternative currencies will automatically follow suit. Thankfully, things are improving again, as can be seen by looking at the Bitcoin Cash price. More specifically, it’s slowly approaching the US$3,000 mark again. Christmas may turn out pretty decent for most cryptocurrency users after all.
Bitcoin Cash Price is Recovering Nicely
It is evident all cryptocurrencies took a major nosedive around 48 hours ago. This was mainly due to the Bitcoin price tanking, although it is evident this was only a much-needed correction which won’t necessarily result in long-term bearish momentum whatsoever. Although we are not out of the woods just yet, it is safe to assume things have begun improving over the past 24 hours. The Bitcoin Cash price is a good example of how quickly a frown can be turned upside down in the cryptocurrency world.
With a solid 18.59% gain overnight, the Bitcoin Cash price is slowly approaching the US$3,000 mark again. Although this is still far away from the recent all-time high, it is only normal that it would take a lot of time to fully recover. If prices can rebound by around 10-15% per day, the correction will be bought up before the year is over. It seems there’s still plenty of bullish momentum in all of cryptocurrency to make good things happen before New Year’s Eve.
It is also worth mentioning that the Bitcoin Cash price is thriving thanks to solid gains over Bitcoin. More specifically, the BCH/BTC ratio improved by 13% in favor of the hard fork over the past 24 hours. That’s a pretty interesting development, as altcoins have recovered a lot faster from the Bitcoin onslaught compared to a year or so ago. This is good news for the Bitcoin Cash price as well as for all other major altcoins. Rest assured there are some shake-ups yet to come before 2017 is over.
Thanks to nearly US$3.1 billion in 24-hour trading volume, no one can deny the demand for Bitcoin Cash is in a very good place. Although the opinions on this particular altcoin may still be somewhat divided right now, there’s no reason to think Bitcoin Cash will be going away anytime soon. Especially with its lingering network issues, there’s a growing need for an alternative version of the world’s leading cryptocurrency which doesn’t make people pay an arm and a leg just to move money on the network.
With Bithumb firmly leading the charge in terms of 24-hour trading volume, things are looking pretty good for Bitcoin Cash. Bitfinex is in second place, although it values BCH at its lowest across all Western fiat currency-related markets. It is evident something still isn’t adding up for this exchange right now, but we will have to wait and see how things evolve. GDAX is the surprising third exchange on this list, although it only has a small lead over HitBTC right now.
For now, it is still unclear what the future holds for the Bitcoin Cash price. The markets look healthy again, yet momentum can easily swing in either direction pretty quickly. There are no guarantees of success, and everything is permitted. Take profits wisely in all cryptocurrency markets, and don’t panic if another small dip occurs. Cryptocurrency is one of the most resilient markets in all of finance, and so far, it has been impossible to keep it down for an extended period of time.