Contrary to our expectations yesterday, it appears the Bitcoin Cash price momentum is still in full effect as of right now. Although it seemed doubtful the price would maintain the US$350 level for long, things have evolved in a good direction. Right now, one BCH is valued at almost US$400. It’s a surprising trend considering how Bitcoin is effectively struggling to gain traction right now.
Bitcoin Cash Price Momentum is Still in Place
If every price assessment people made was 100% correct, there would be far less fun to be had in the world of cryptocurrency these days. It appeared the Bitcoin Cash price would eventually succumb despite its rise to US$350 yesterday, but a lot of people – including ourselves – saw things from an incorrect perspective. In fact, the Bitcoin Cash price has continued to climb steadily over the past 16 hours and now sits at almost US$400. That’s a strong increase, to say the very least.
What is rather remarkable is how this Bitcoin Cash price increase has materialized during a time at which the Bitcoin price has struggled. In fact, BCH is the only major altcoin to have recorded any gains over the past 36 hours so far, whereas other coins are massively struggling right now. It will not be easy to overcome that situation whatsoever. We can only wait and see what the future will bring for this popular altcoin in the coming hours and days.
No one knows for sure why the Bitcoin Cash price is increasing right now. Indeed, there is no apparent reason for this currency to go up in value relative to any other altcoins in existence right now. Then again, the charts don’t lie, as the Bitcoin Cash price is steadily heading toward the US$400 price target. Whether or not this venture will be successful remains to be determined, though.
With a trading volume of nearly US$600 million in the past 24 hours, things are looking pretty solid for Bitcoin Cash right now. Only time will tell if reaching US$400 becomes a possibility, but the current Bitcoin Cash price trend looks rather promising. While there is still a growing demand for more convenient BCH purchasing options, it seems the centralized exchanges are all contributing significant numbers as of right now.
To be more specific, Bithumb is still thrashing all other platforms when it comes to trading volume. The South Korean exchange has recorded 45.46% of all BCH trades in the past 24 hours. This means over US$270 million of the total US$592 million in trading volume comes from one exchange, which is an interesting development to keep an eye on moving forward. HitBTC and Coinone close out the top three exchanges ranked by volume.
No one knows for sure what the future will hold for the Bitcoin Cash price. When things started to look gloomy yesterday, the upward momentum simply intensified. Right now, the upward momentum is pretty solid, but it could still turn around at any given moment. Always remember to take profits whenever an opportunity arises, as cryptocurrency remains an extremely volatile market. Particularly during weekends, any and all bets are off, so to speak.
