BITCOIN CASH PRICE IS EXTREMELY BULLISH
Anyone who owns Bitcoin Cash as part of their portfolio will be quite pleased with how things are evolving as of late. Although the Bitcoin Cash price has been battered throughout Q1 of 2018, the recovery process is in full effect as we speak. Thanks to solid gains all week long, the Bitcoin Cash price has now risen to $1,395 once again. A more than respectable value, and there may be further positive momentum on the horizon.
With the Bitcoin Cash price rising from $800 to nearly $1,400 in quick succession, one has to acknowledge there will be a dip at some point. So far, all dips are being bought pretty quickly, which further signals bullish cryptocurrency momentum. While that doesn’t mean the Bitcoin Cash price will rise to $1,500 in the coming hours, anything is possible in the cryptocurrency world.
As is to be expected when the BCH value goes up, the altcoin is also gaining on Bitcoin. More specifically, the BCH/BTC ratio has improved by 19.72% over the past 24 hours, which is another bullish flag. These gains can be wiped out pretty quickly, though, but for now, the positive momentum will seemingly remain in place for some time to come.
The Bitcoin Cash trading volume also tells an interesting tale. Over the past 24 hours, over $1.65bn in trades have been generated, which is still pretty impressive. This trading volume is not affecting Bitcoin’s bullish run either, which seems to indicate the cryptocurrency market is getting some fresh capital from speculators and investors.
As of right now, OKEx has reclaimed the lead in terms of Bitcoin Cash trading volume. Its lead over Bitfinex is pretty significant, and Bithumb completes the top three as we speak. A very interesting list of exchanges trading Bitcoin Cash, as there are also two fiat currency pairs in the top three. This may hint at a lot more bullish momentum to come in the coming hours and days.
Whether or not the Bitcoin Cash can continue to surge at this pace, remains to be determined. The positive momentum remains firmly in place, but there will be people taking profits along the way and looking to cash out some of their holdings in the process. Even so, the current momentum seems to hint at an imminent surge to $1,500 and potentially more.