With the overall cryptocurrency market growing by leaps and bounds, it is only normal that specific currencies are noting solid gains. Although things have been relatively quiet on the Bitcoin Cash front for some time now, things are beginning to look up once again. More specifically, the Bitcoin Cash price has surpassed US$3,000 for the first time in nearly two weeks. That’s a positive development, although there’s still plenty of volatility to contend with.
Bitcoin Cash Price Surpasses $3,000 Again
Although opinions on Bitcoin and Bitcoin Cash will always remain somewhat divided, it is good to have both currencies as part of the overall ecosystem. It just goes to show how the technical aspects of the world’s leading cryptocurrency can be handled in a different manner. Although the Bitcoin Cash price is nowhere close to that of Bitcoin, things are not looking all that bad either. Especially now that one BCH is worth over US$3,000 again, it will be interesting to see how things play out for this particular altcoin.
To put things into perspective, the Bitcoin Cash price has struggled to retake US$3,000 since late December 2017. That is not surprising, as a lot of currencies took a pretty big hit during the final days of last year. With the new year now upon us, a lot of new opportunities have presented themselves. The fact that Bitcoin Cash has reached US$3,000 once again may well be a sign of what 2018 has in store for BCH.
Especially when considering that the Bitcoin Cash price was still below US$2,400 not that long ago, things are looking rather promising. There were a few attempts to reach US$3,000 in the past week, but none were even remotely successful. The latest jump represents a US$370 increase in the past 24 hours. Once people stop taking profits, we will be able to determine whether or not this trend can be sustained for more than a few hours.
With almost US$2.1 billion in 24-hour trading volume, the demand for Bitcoin Cash seems genuine enough. Although this volume is a lot lower than that of Bitcoin itself, there are a lot of people who remain confident that BCH is here to stay for the long term. Although overtaking Bitcoin may be several bridges too far right now, one never knows what the future holds. The current Bitcoin Cash price momentum certainly seems to indicate that things will only get better from here on out.
As one would expect, the majority of BCH trading volume comes from South Korea’s Bithumb exchange. It is trading BCH at a premium of US$1,300 right now, which means this currency is worth close to US$4,000 in that part of the world. Western exchanges are still stuck below US$2,700 for now, though. HitBTC and OKEx are the two next-largest exchanges in terms of BCH trading volume at the moment. Having just two fiat currency market pairs among the top 5 is not optimal, but it’s nothing to be overly concerned about either.