It would appear as if all is well in the cryptocurrency once again. After a bit of a tumultuous night, it now appears most currencies will recover a lot of value in the hours to come. The Bitcoin Cash price, for example, has risen quite sharply in the past few hours. In doing so, we are now looking at a BCH value of just over $1,450 once again.
Bitcoin Cash Price Momentum Returns in Full
It is good to see how the cryptocurrency market is recovering as of right now. Last night and the early morning did not look all that promising for most currencies, as the vast majority of them were in the red, albeit minimally. The Bitcoin Cash price has recovered quite nicely ever since, as its value now rests comfortably above the $1,450 mark once again.
Thanks to this 11.68% gain in the past 24 hours, BCH looks to be in a good place. Although there was a brief dip to just under $1,280 not that long ago, it seems the bearish pressure effectively created a solid buy opportunity for some of the speculators out there. Whether or not this momentum will remain in place, is a different matter altogether. The volatility is still there, and crazy things can happen at any given moment.
As one would come to expect, BCH also gained 9.46% on Bitcoin. Considering how the value of BTC is going up as we speak, it is interesting to see what altcoins can bring to the table in this regard. With a bit more momentum, the Bitcoin Cash price should be able to surpass $1,500 fairly quickly, albeit nothing has been set in stone in this regard.
With $1.013bn in 24-hour trading volume, it seems Bitcoin Cash has no liquidity problems whatsoever. This same development is taking place across most cryptocurrencies right now, which can only be considered to be a good thing. More liquidity usually results in a higher price for all cryptocurrencies, although it remains to be seen how this will pan out in the coming hours. If the liquidity keeps improving, interesting things are bound to happen for BCH.
The way things look right now, OKEx is the biggest exchange for Bitcoin Cash trading. Its volume is well ahead of HitBTC and Bitfinex, which makes for a rather surprising top three as of right now. Upbit and OKEx’s BTC pair complete the top five, which indicates there are just two fit currency pairs in the entire top five. Not a bad thing per se, but it is evident there could be some more fiat currency trading to keep the Bitcoin Cash price going for some time to come.
As of right now, the Bitcoin Cash price will seemingly hit $1,500 at some point, but it is difficult to say whether or not that will be today or even this week. We can only hope all cryptocurrencies continue to rebound strongly for some to come, especially after the bullish run we have seen last year. For now, everything is seemingly coming together quite nicely, but there is still a very long way to go.