It is safe to assume that Bitcoin Cash price is heavily manipulated right now. While this doesn’t mean that altcoin is overvalued, there are some interesting things happening in the trading department. With a current Bitcoin Cash price of over $1200, someone is effectively trying to increase the value of this altcoin in quick succession. This new pump comes on the heels of a previous one which ended in the recent past.
Last week, we saw some sudden, major gains for Bitcoin Cash. There was no real reason for a steep Bitcoin Cash price increase. Some may think that Bitmain started selling December bach miners, but it could not be able to change BCHs Volume (24h) up to $5,363,320,000. Still, the price is effectively moving up. The people who bought BCH at $350 two weeks ago will be very happy with their investment, as they more than doubled their money by still holding it today.
Although it remains to be seen if a lot of people resisted the temptation of selling at $600 last week, this current momentum is pretty spectacular. With the Bitcoin Cash price rising by another 49% out of the blue, the altcoin seems underway to a new all-time high. This is all happening while the Bitcoin price is massively struggling for traction, especially now that the SegWit2x hard fork news has caused so much confusion.
People tend to forget a lot of SegWit2x backers are also the ones advocating Bitcoin Cash the hardest right now. For all intents and purposes, we may be witnessing one of the biggest “politically-oriented cons” in Bitcoin history right now. It is evident the Bitcoin network has some scaling issues to overcome, whereas Bitcoin Cash solved this problem by upping the block size to 8MB directly.
In the end, the lingering question is whether or not the Bitcoin Cash price momentum can be sustained for a long period. What do you think, will Bitcoin Cash sustain its current price? (I will upvote logical comments!)