After a few days of positive cryptocurrency momentum, it seems the markets may turn bearish as we head into the weekend. Such a turn of events is anything but surprising, as we have seen some very solid gains all week long. Even though the mood is souring, the Bitcoin Cash price is still making some major gains. With a 10.78% increase over the past 24 hours, it seems things look pretty good.
Solid Bitcoin Cash Price Gains Have Arrived
Even though most cryptocurrency enthusiasts and speculators only focus on Bitcoin and Ethereum, the ecosystem is about so much more than just two currencies. While not everyone is convinced Bitcoin Cash is here to stay, it has become evident this altcoin has a more than loyal following. Additionally, we see various service providers and retailers switch from Bitcoin payments to Bitcoin Cash in recent months.
All of this is also impacting the Bitcoin Cash price. With the rough start of 218 seemingly behind us, it is time to look toward the future. In the case of the Bitcoin Cash price, the future seems to rest somewhere above a $1,500 valuation. As the Bitcoin Cash price surpassed this $1,5000 threshold a few hours ago, it seems evident the road to $2,000 will be long and hard. It is not impossible to overcome, mind you.
These solid price gains are the direct result of an increase in USD value. Thanks to Bitcoin’s uptrend, the Bitcoin Cash price has gained 10.78% in USD value over the past 24 hours. However, BCH also managed to gain on Bitcoin itself, resulting in a 9.19% increase in the BCH/BTC ratio. With Bitcoin Cash back above 0.15 BTC, it will be interesting to see how this trend evolves in the coming weeks. Reaching a new all-time high price will not happen anytime soon, though.
With $849.976m in 24-hour trading volume, the demand to buy BCH seemingly outweighs the desire to sell. All cryptocurrency speculators want to maximize their profits at all times and the current trend indicates we may see a Bitcoin Cash price of $1,750 before the week is over. Even so, this trading volume is a lot lower compared to what we have seen in recent days, as BCH usually generates close to $2bn in volume on a good day. This current price increase seemingly doesn’t impact the volume in a positive manner.
OKEx is the leading exchange when looking at the BCH trading volume. Their lead over Upbit is just $1.3m, though, and these two exchanges will one-up one another throughout most of the day. OKEx is also in third place with their USDT trading pair. The first non-Korean fiat currency pair comes in the form of Bitfinex’s BCH/USD market, followed by the GDAX BCH/USD market. All things considered, things look pretty promising for Bitcoin Cash, even though the momentum can turn bearish at any moment now.
It is unclear what the rest of today and the weekend will bring in terms of the Bitcoin Cash price. With all markets suffering from a bearish fever right now, it is possible Bitcoin Cash will elude the bears’ grasp, for the time being. Assuming that is the case, a Bitcoin Cash price of $1,750 by Sunday afternoon is not entirely impossible. If the markets were to turn bearish, however, the decline may go as deep as $1,325. An interesting weekend lies ahead, that much is rather evident.