In what is almost becoming a routine, Bitcoin Cash is surging once again. Thanks to a solid 19.66% gain over the past 24 hours, we may very well see Bitcoin Cash surpass US$1,500 later today. At the same time, Bitcoin itself is losing ground now that mining in China may be considered illegal. The balance of power in the cryptocurrency ecosystem is still very fragile and tends to shift easily these days.
Another Bitcoin Cash Rally Begins
After a challenging start to the week, we are seeing big changes where the Bitcoin Cash price is concerned. More specifically, BCH has gained 19.66% against the dollar and 21.79% against Bitcoin since yesterday. This is pretty remarkable, and further confirms there are no certainties in the world of cryptocurrency whatsoever.
After a dramatic bounce to US$2,800, the Bitcoin Cash price has been struggling to find stable support. Yesterday, it seemed as if the price would drop below US$1,000 for the first time in a while, but that never happened in the end. Things got hairy for a moment when the Bitcoin Cash price dipped as low as US$1,044, but that dip was bought pretty quickly. Afterward, the price spiked to above US$1,500 for a few minutes before coming back down to US$1,230 for the remainder of the day.
Ever since that brief retracement, the Bitcoin Cash price has resumed a slow and steady uptrend. This has resulted in the current price of US$1,351, although it remains unclear where things will head next. Many people expect the price to move all the way up to US$1,500, but doing so will not be easy. A lot of speculators and manipulators have entered the market over the past few days, and we will probably end up seeing even more volatility in the coming days.
One thing has to be said: the Bitcoin Cash trading volume remains very impressive despite this volatility. More specifically, there has been nearly US$4 billion in trading volume over the past 24 hours. Although this is a full billion dollars behind Bitcoin itself, there appears to be a genuine demand for this altcoin right now. Whether that is due to speculation or other reasons remains to be determined. It is good to see this is not turning into the major pump and dump most of us assumed it was, but rather a genuine long-term demand for Bitcoin Cash.
Like most other days, the Bitcoin Cash price surge is driven by South Korean traders on the Bithumb platform. It is remarkable how this single exchange can push up cryptocurrency markets these days. While not everyone may be a fan of this development – for obvious reasons – no one can argue Bithumb has become the go-to exchange in this regard. How all this will affect the BCH markets in the long run remains anybody’s guess, though.
It is incredibly interesting to keep an eye on the Bitcoin and Bitcoin Cash momentum these days. A lot of interesting things are happening virtually every day, and very few of these changes play out as people expect them to. Bitcoin Cash is a very popular altcoin and the demand for it appears to be genuine. That in itself is more than most people would have hoped for at this point.