With all cryptocurrency markets attempting to transition from a bear market to full-throttle bullish momentum, interesting things will happen in the coming days and weeks. The way things look right now, the Bitcoin Cash price is bound to gain a fair bit of value throughout the day. Thanks to the current 5.4% gain, the Bitcoin Cash price has already surpassed $1,250 once again.
Another leg up for the Bitcoin Cash Price?
Given all of the volatility plaguing the cryptocurrency industry right now, any short-term gain needs to be put into its proper perspective. While things may look either decent or terrible for a specific currency, there’s a good chance the momentum will turn around before the week is over. As such, the current 5% Bitcoin Cash price gain looks pretty good, but maintaining this momentum may prove to be difficult for this – or any other – market.
Even so, no one will deny the Bitcoin cash price is noting some interesting gains as of right now. Thanks to this small nudge, we are now looking at a value of $1,280 again. Compared to the $1,150 we hit not that long ago, this is a pretty decent gain altogether. Whether or not the Bitcoin Cash price can return to $1,500 or higher, remains to be seen, though.
It is also worth noting Bitcoin Cash is effectively gaining on Bitcoin itself. Given the “correlation” between these two currencies, it is worth keeping an eye on their ratio. Right now, the BCH/BTC ratio has changed by 3.43% in favor of the altcoin. As such, we may see some more Bitcoin Cash price gains later today, as the Bitcoin price is also moving up a bit right now. How all of this will play out, is anybody’s guess, though.
With $445.823m in 24-hour trading volume, things are looking pretty good for Bitcoin Cash. Although this volume is lower than some people might want it to be, all markets suffer from a decrease in trading volume as of right now. Under half a billion is not stellar for Bitcoin Cash, but it is still a good amount better than most other currencies in the top 10 right now. If this volume can pick up the slack a bit, we may see more Bitcoin Cash price fireworks later today.
As of right now, OKEx is once again the largest trading platform for BCH trading volume. That in itself is pretty interesting to keep an eye on, although HitBTC is not that far behind, all things considered. With no fiat currency pairs in the entire top five right now, things are not looking all that great, but one never knows what the next few hours or days may bring to the table either. The first fiat currency market on the list is Bitfinex’s USD pair with just $17m in volume.
Whether or not the Bitcoin Cash price will reach a new all-time high at some point in the near future, remains to be determined. For now, it seems anything is possible, although one never knows what the future holds in this regard. It is certainly possible the Bitcoin Cash price will each $1,300 later today, but whether or not this means we will see a push to a higher value by the time the weekend is over, remains to be determined. Anything is possible in the world of cryptocurrency, especially where the altcoins are concerned