A lot of exciting things are happening in the world of cryptocurrency as of right now. After a very troublesome weekend, things are slowly heading in the right direction again. A lot of markets are noting double-digit percentile gains as we speak. If the Bitcoin Cash price is any indication, things will get pretty interesting this week.
Solid Bitcoin Cash price gains
It has become evident all cryptocurrencies remain linked to Bitcoin’s market momentum for the time being. While this correlation between Bitcoin and altcoins has been present for quite some time now, there was a time during which a few alternate currencies seemed to decouple from Bitcoin. So far, that hasn’t materialized in any major trends just yet, though, but we can only hope things improve. Until then, the Bitcoin Cash price will continue to follow a pattern quite similar to Bitcoin’s.
To put this into perspective, the Bitcoin Cash price has risen by 12.07% over the past 24 hours. That is quite a positive development in this regard, although it remains to be seen how long this current trend can be maintained as of right now. It is also interesting to note how the Bitcoin price has increased by an almost identical percentage over the past 24 hours.
It is also worth noting the Bitcoin Cash price has lost some momentum compared to Bitcoin. More specifically, the BCH/BTC ratio decreased by as much as 0.47%. This has not impacted the Bitcoin Cash price in any negative way so far, but it is still something to take into account at all times. Most people are interested in seeing whether or not the Bitcoin Cash price can effectively hit $1.250 later today. For now, that seems rather difficult, although things can turn around pretty quickly in the world of cryptocurrency.
With $537.51m in 24-hour trading volume, things are not looking all that impressive for Bitcoin Cash. It is more than sufficient trading volume to keep the current Bitcoin Cash price trend going, although it is unclear if this volume will increase over the next few hours and days. One would expect BCH to net at least $1bn in 24-hour volume at all times. For now, we have to work with what we’ve got in this regard.
As of right now, OKEx is still the world’s biggest exchange when it comes to BCH trading volume.Their BTC and USDT trading pairs are well ahead of HitBTC’s BTC market. There is no fiat currency market in the top three right now, but Bitfinex’s USD market is in fourth place with nearly $40m. It will be interesting to see how things evolve in this regard, as there is still a lot of positive momentum in this market as we speak.
For the time being, we will have to wait and see how the Bitcoin Cash price will evolve. As of right now, the price of $1,132 value seems to be more than warranted, although it is possible things will improve in the hours to come. Whether or not that means we will see the Bitcoin Cash price rise to $1,200 or potentially more later today, remains to be determined. Anything is possible in the world of cryptocurrency these days.
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