In the world of cryptocurrency, there is no such thing as a boring day. Even though the positive momentum seems to have stalled a bit, for the time being, the Bitcoin Cash price is still noting some impressive gains. That in itself is rather interesting to take note of, even though such an uptrend was bound to happen at some point in the future.
Bitcoin Cash Price Momentum is Impressive
As is the case with all cryptocurrencies, things are not looking all that bad as of right now. While things can still turn around on a dime, some currencies are noting small to medium-sized gains. Bitcoin Cash is among those currencies, as its value has increased to $832 in the past few hours. Such a solid Bitcoin Cash price gain at a time when Bitcoin is stalling is well worth paying attention to.
Over the past 24 hours, we have seen the Bitcoin Cash price rise by 7.08%. That in itself is a rather interesting development, as it is the only currency in the top 10 to note such solid momentum as of right now. That doesn’t mean other currencies won’t see their fair share of success in the days to come, though, but for now, it is evident BCH will be on most people’s radar moving forward.
It is also interesting to note how BCH has gained 7.45% over Bitcoin itself. Considering how the world’s leading cryptocurrency is going into sideways price momentum right now, it is up to alternative currencies to make their mark on the industry in their own way. Whether or not we will see a Bitcoin Cash price of over $900 later this week, remains difficult to predict, as the markets remain rather volatile.
With $440.668m in 24-hour trading volume, the demand for Bitcoin Cash is certainly present as of right now. For now, the buyers remain in control of these markets, but that situation may very well change once traders begin taking profits. A 7%gain is more than sufficient for smaller traders to cash out some profits along the way and look for new opportunities as they present themselves in the coming hours and days.
Speaking of BCH trading volume, HitBTC is the surprising leader as of right now. This exchange is well ahead of both Huobi and OKEx in this regard, which also means there are no fiat currency pairs in the top three as of right now. That in itself can pose a big problem in the near future, but for the time being, it doesn’t appear to hinder the Bitcoin Cash price momentum too much.
Whether or not the Bitcoin Cash price will continue to increase, remains anybody’s guess. The current momentum is certainly in place as of right now, but the markets are still in a rather awkward state right now. Any positive momentum building right now may effectively turn into a steep decline for no apparent reason. For now, the Bitcoin Cash price seems to hold its own above $825, but anything can happen.