When virtually all cryptocurrency markets are moving up simultaneously, it is a matter of time until some altcoins get ahead of the pack. Today, it seems as if Bitcoin Cash is effectively noting the strongest gains in the top 10, which comes as a big surprise to a lot of people. With this 17% increase in value, the Bitcoin Cash price has surpassed $150 and $155 in rather quick succession. Sustaining this violent growth will pose its own set of challenges.
Bitcoin Cash Price Surge Continues to Swell
While it is good to see so many markets in the green on a Saturday morning, one has to wonder if this is just a temporary turn of events. If the previous weekends have taught the community anything, it is to never look a gift horse in the mouth and cash out profits before it is too late. So far, it seems they are not following the second part of that advice just yet, at least where Bitcoin Cash is concerned. That particular altcoin is shooting up like a rocket right now, primarily because of its high trading volume.
Over the past 24 hours, the Bitcoin Cash has undergone some major changes. More specifically, there is a 17.2% gain in USD value and a 13.65% increase in BCH/BTC. Because of these gains, one BCH is now valued at $156.77, or 0.03878 Bitcoin. A very promising trend, all things considered, although it is in line with what one would expect to see given the overall circumstances. Maintaining any growth in crypto land has been very difficult, if not nigh impossible, for most projects.
The opinions regarding Bitcoin Cash have always been a bit over the place. This sudden rise in value is not changing that situation whatsoever, as it seems to only strengthen people’s beliefs. XRP Hodler is convinced BCH is the only real Bitcoin, as BTC itself is nothing like what Satoshi Nakamoto envisioned. This train of thought has been around for a while now, yet it seems BCH is still incapable of even rivaling Bitcoin at this time.
— XRP Hodler ⚡💧 (@XRPHodler3) March 16, 2019
Nababati, on the other hand, would prefer to see this mixture of Bitcoin forks come to an end once and for all. Both Bitcoin Cash and Bitcoin SV could be deleted from the ecosystem, according to this user, so all the money can pour back into the real Bitcoin. It seems unlikely that will happen anytime soon, though, as all of these ecosystems have their own following and supporters right now.
— Nababati (@smelsopol) March 16, 2019
For those who take a closer look at the BCH price chart, it quickly becomes evident this uptrend will not necessarily be sustainable for very long. More specifically, this sudden and sharp increase in value seemingly lacks support to prevent a collapse. That in itself could turn out to be quite catastrophic for Bitcoin Cash in the coming hours, although it is too early to draw any real conclusions as of right now.
— TheCryptoGuy (@KAnorthwest) March 16, 2019
All of the signs seem to indicate today can be a very positive day for all cryptocurrency markets. Although there is some bearish pressure across the hourly charts for most of the top currencies right now, it seems no major changes should be expected in the hours to come. It is still rather early in the day to make any accurate predictions, yet it would appear most of the gains could remain in place for a while.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.