With the overall cryptocurrency market cap growing by leaps and bounds, it is only normal specific currencies are noting solid gains. Although things have been relatively quiet on the Bitcoin Cash price for some time now, things are heading in the right direction again. More specifically, the Bitcoin Cash price has surpassed $3,000 again for the first time in nearly two weeks. A positive trend, although there’s still plenty of volatility to contend with. Bitcoin Cash Price Surpasses $3,000 Again Although the opinions on Bitcoin and Bitcoin Cash will always remain somewhat divided, it is good to have both currencies
With the overall cryptocurrency market cap growing by leaps and bounds, it is only normal specific currencies are noting solid gains. Although things have been relatively quiet on the Bitcoin Cash price for some time now, things are heading in the right direction again. More specifically, the Bitcoin Cash price has surpassed $3,000 again for the first time in nearly two weeks. A positive trend, although there’s still plenty of volatility to contend with.
Bitcoin Cash Price Surpasses $3,000 Again
Although the opinions on Bitcoin and Bitcoin Cash will always remain somewhat divided, it is good to have both currencies as part of the overall ecosystem. It just goes to show how the technical aspects of the world’s leading cryptocurrency can be handled in a different manner. Although the Bitcoin Cash price is nowhere close to that of Bitcoin, things are not looking all that bad either. Especially now that one BCH is worth over $3,000 again, it will be interesting to see how things play out for this specific altcoin.
To put this into perspective, the Bitcoin Cash price has struggled to reach $3,000 again since late December 2017. That is not surprising, as a lot of currencies took a pretty big hit during the final days of last year. With the new year upon us, a lot of new opportunities have presented themselves as we speak. For the Bitcoin Cash price, reaching $3,000 once again at this time of the year may very well be a sign of what 2018 has in store for BCH.
Especially when considering how the Bitcoin Cash price was still below $2,400 not that long ago, things look rather promising. There have been a few attempts to reach $3,000 in the past week, but none of them got even close to achieving that goal. This latest trend represents a $370 jump in the past 24 hours. Once people stop taking profits, we will be able to determine whether or not this trend can be sustained for more than a few hours.
With almost $2.1bn in 24-hour trading volume, the demand for Bitcoin Cash seems genuine enough. Although this volume is a lot lower compared to Bitcoin itself, there are a lot of people who remain confident BCH is here to stay for the long-term. Although overtaking Bitcoin may be several bridges too far right now, one never knows what the future holds. The current Bitcoin Cash price momentum certainly seems to indicate things can only get better from here on out.
As one would expect, the majority of BCH trading volume comes from South Korea’s Bithumb exchange. They are trading BCH at a premium of $1,300 right now, which means this currency is worth close to $4,000 in that part of the world. Western exchanges are still stuck below $2,7700 for now, though. HitBTC and OKEx complete the top three for BCH exchanges by trading volume as we speak. Just two fiat currency pairs in the top 5 is not optimal, but it’s nothing to be overly concerned about either.
How all of this will play out for the Bitcoin Cash price, remains to be determined. Right now, the momentum is certainly in favor of this altcoin, but the markets remain highly volatile and unpredictable. There is still a lot of market momentum in the world of cryptocurrency, although no one knows what the future holds whatsoever. It is not unlikely Bitcoin Cash will hit $3,000 in the Western world at some point next week, but nothing has been set in stone just yet.