It almost seemed as if today would be a good day for all cryptocurrencies. Unfortunately, there is a new wave of bearish pressure forming across all currencies as we speak. The Bitcoin Cash price is still up by over 6.5% compared to 24 hours ago, though. With its value surpassing $1,650 once again, the race to $2,000 is still in full effect.
What Comes Next for the Bitcoin Cash Price?
As is always the case in the world of cryptocurrencies, it is impossible to make accurate long-term predictions. For the Bitcoin Cash price, many people assumed the interest in this altcoin to calm down weeks after its release. This popular altcoin surprised the entire world by surging to a value of nearly $4,000 in the months after. Fast forward to today, and the Bitcoin Cash price hovers near the $1,650 mark. A far cry from the all-time high, yet there is plenty of excitement among community members.
Over the past 24 hours, the Bitcoin Cash price has risen by 6.56%. It is not the biggest gain for this particular cryptocurrency to date, but given the bearish pressure affecting other markets, it’s a solid development regardless. This latest increase temporarily pushes the Bitcoin Cash price to $1.660 and more, but it remains to be seen if BCH can escape the looming bearish cycle.
As one would come to expect from such strong gains, Bitcoin Cash reclaimed some lost momentum over Bitcoin. Thanks to a 5.14% increase in the BCH/BTC ratio, things look rather promising for the altcoin. Although Bitcoin Cash isn’t even close to breaking the 0.2 BC mark again, the uptrend remains in place for several weeks now. Slowly but surely, this market seems to be hitting its stride once again.
Although the BCH trading volume is not too impressive, it’s far from terrible. Thanks to $1.131bn in 24-hour volume, the demand for BCH is certainly there. If the bulls cna remain in control of the market today, things will undoubtedly get very interesting. It is too early to tell if that can indeed happen, though, as altcoins usually don’t escape the bearish vortex that plows through Bitcoin.
No one will be surprised to learn OKEx is the leading exchange for Bitcoin Cash trading volume. The platform has carved out a lead over Upbit, and Bithumb completes the top three. We see Bitfinex in fourth place, and OKex’s BCH/BTC pair in fifth place. Three fiat currency pairs in the top five for Bitcoin Cash can have a positive impact on the price moving forward, but anything can happen in the world of cryptocurrency.
For the time being, it seems as if the Bitcoin Cash price can remain above $1,650 for the remainder of today. It will heavily depend on how the Bitcoin price evolves, as the world’s leading cryptocurrency has already lost some of its earlier gains in the past two hours. Even so, the overall long-term Bitcoin Cash price trend remains positive, regardless of what happens later today.