When the overall cryptocurrency market momentum turns as uber bullish as it is right now, it appears all bets are off. The Bitcoin Cash price, for example, is pretty interesting to keep an eye on as of right now. Its value has hit $164 again and the BCH/BTC gains are quite substantial at this point.
Bitcoin Cash Price Surge Keeps Going
Throughout the year 2018, there hasn’t been a sustainable uptrend for any of the cryptocurrencies or digital asset son the market today. That is not entirely surprising, as late 2017 was a period which seemingly made no chance whatsoever. This correction was direly needed first and foremost and it seems the markets are finally done with the bearish pressure. There is still a good chance a new drop will kick in pretty soon, but for now, keeping spirits up is the top priority.
If the Bitcoin Cash price is any real indication, things can get quite interesting moving forward. This particular altcoin, while often dismissed and “spat on” by Bitcoin holders, is going through its own proverbial Renaissance. A solid 36% increase in USD value and a 29% gain in BCH/BTC only confirm this trend has a lot of momentum. It has also been a while since BCH last generated $813m in 24-hour trading volume as well.
When looking on social media, it seems there are some interesting discussions pertaining to Bitcoin Cash. Now that Coinbase has introduced Coinbase Earn, there are community members who feel this functionality should be expanded to include BCH as well. Rewarding users for learning more about cryptocurrency shouldn’t necessarily be done through just Bitcoin, although it remains unclear if BCH would be a feasible option.
This is awesome. Love to see it done for #BCH as well especially when it is so easy to demonstrate its instant transfer feature with micro amounts@BitcoinCom @rogerkver @JihanWu https://t.co/50O6iwTa95
— Keshav R Narla (@imkeshav) December 20, 2018
Another interesting discussion is taking place as to whether or not the “hash war’ has finally been decided upon. There is a case to be made in this regard, as it seems Bitcoin Cash is now firmly pulling ahead of Bitcoin SV in terms of market cap. That situation can continue to change over time, but for now, it remains to be seen if SV can mount a successful comeback in this regard.
When looking at the BCH price chart from a technical perspective, it would appear there is an interesting shift taking place. This most recent uptrend has taken a lot of people by surprise first and foremost. So many green candles in quick succession usually doesn’t bode well for the long term, although there is nothing to be concerned about just yet due to the high trading volume.
https://twitter.com/ruyvell/status/1075723486251737092
As long as the Bitcoin Cash price can remain above $150, the weekend should look very promising. If this level were to fail due to some unforeseen circumstance, there is a good chance most of the recent gains will be wiped out altogether. For now, the USD and BTC gains remain firmly in place and a push to $175 is not entirely unlikely either. This all makes for a very intriguing market, although no one knows how the ride will end.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.