A lot of things have changed in the world of cryptocurrency these past few days. A lot of currencies are surging in value, with Bitcoin being the only big exception right now. The Bitcoin Cash price, for example, is soaring once again. With a value of over US$1,550 at the time of writing, there is a genuine interest in this altcoin. How high the Bitcoin Cash price can go remains to be determined, though.
Another Bitcoin Cash Price Surge Emerges
This past week and a half have been excellent for most cryptocurrencies. Although there are still some very dubious market movements in the altcoin department, we’re now seeing the currencies with genuine support establish themselves properly. For all intents and purposes, Bitcoin Cash is here to stay, by the look of things. In fact, the altcoin has seen another major price surge over the past 24 hours. This is a remarkable trend, considering that the Bitcoin Cash price crashed hard after setting an all-time high of over US$2,500 not long ago.
With the Bitcoin Cash price now heading back in the right direction, an interesting scenario ensues. A 24-hour gain of over 32% is anything but natural or organic, mind you, but it shows there is still some good money to be made with this altcoin. Speculators will be more than pleased to see things moving in this direction, as a lot of people made an easy US$300 overnight by doing absolutely nothing. Once profit-taking takes place in the coming hours and days, we may see a lot more volatility in the Bitcoin Cash price.
Over the past 24 hours, we have seen the Bitcoin Cash price climb all the way from US$1,200 to nearly US$1,600 before retracing slightly. Right now, one BCH is worth US$1,570, which is a pretty solid value for this altcoin. It is certainly possible we will see the Bitcoin Cash price head toward US$2,000 in the coming days, but nothing has been set in stone just yet. Speculators are in the driver’s seat where BCH is concerned, and that will not change anytime soon.
One thing well worth taking note of is how Bitcoin Cash is generating a massive amount of trading volume all of a sudden. Things had quieted down a bit on this front, but it seems we are in for a wild ride once again. With nearly US$4 billion in 24-hour volume, Bitcoin Cash is certainly in high demand right now. Such substantial trading volume brings a lot of competition to the other altcoins. However, the total 24-hour trading volume for all cryptocurrencies combined is back in the eight-digit range for the first time in almost a week.
As we have seen far too often in the past, virtually half of the Bitcoin Cash trading volume comes from the Bithumb exchange. It will be interesting to see how things play out in this regard, as no one seems concerned with this particular aspect. It is not healthy to see one exchange artificially inflate the Bitcoin Cash price, as it automatically forces other exchanges to follow the trend. Right now, Bitfinex and Coinone are doing their best to keep up, but it is not going well for them by any means.
This second Bitcoin Cash price pump in as many weeks will certainly shake up the cryptocurrency world once again. It is good to see most of this demand being driven by fiat currencies, rather than taking value away from other cryptocurrencies. We need to have fresh money entering this industry over the next few years, instead of existing value being converted between various cryptocurrencies. How all of this will play out remains to be seen. Bitcoin Cash is not going away, nor should it. However, this growth is not natural by any means and certainly doesn’t illustrate the actual demand for this currency as a Bitcoin replacement.