With most of the cryptocurrency markets still subjected to a fair bit of bearish pressure, it is rather uncommon to see one market pull ahead of the competition. For some unknown reason, the Bitcoin Cash price is still rising in spectacular fashion. It is quite interesting to see this momentum materialize, although it may be rather short-lived based on the overall market circumstances.
Bitcoin Cash Price Makes Little Sense
When Bitcoin remains under a lot of pressure, it is normal for the alternative markets to suffer from similar momentum. While the exceptions will usually come in the form of smaller cap altcoins, Bitcoin Cash tries to become an exception. Ever since its value surpassed $160m, the uptrend has not been broken in a decisive manner. As such, one would expect these gains to remain in place, yet it will be interesting to see how things play out.
Over the past 24 hours, the Bitcoin Cash price has noted a 6.7% gain in both USD and BTC value alike. Because of these unexpected gains, the current value has risen to $162.78, or 0.04045 Bitcoin. Both of these developments seem promising, although people looking at the bigger picture may notice the current overall circumstances might not necessarily allow this trend to stay up there for too long.
As was somewhat to be expected where this market is concerned, cryptocurrency users are not favoring the altcoin in the slightest. There is a lot of hate toward BCH, as TokenPay Enthusiast illustrates. He claims BCH is a fad and could easily be ignored in favor of more established currencies such as Bitcoin or Litecoin. At the same time, this a blatant advertisement for the TokenPay service itself, which won’t surprise too many people.
Why use bitcoincash when we have #Litecoin ? #BTC will always be gold.#LTC will always be silver.#BCH is like steel or something?
Wake up people. BCH is a fad.
You could always invest in #Tokenpay to maximise profit and potential of a project. #tpay #bitcoin #blockchain
— Crypto Jay (@cryptojays) March 18, 2019
Even though this current price momentum should warrant some excitement, Vanessa B and Fabien Braconnier are trying to make sense of it all. While there is a case to be made for this somewhat negative attitude, it is evident this market does make sense to the right people. Especially those who want to make money will not question this sudden turn of events, yet everyone else may have some second thoughts about the current state of affairs.
As usual #bch doesnt make sens
— Mac (@Crypto__Fab) March 18, 2019
For all of the negativity, there is at least one positive message as well. Dave McMurdo is pleased with the low fees Bitcoin Cash transactions bring to the table. While this argument could easily apply to at least a handful of other currencies in the market cap top 50, it is good to see more projects focus on reducing the fees as much as possible. No one likes to pay several dollars to move funds across a cryptocurrency network in this day and age.
https://twitter.com/0d5994eb54f748f/status/1107570076805283841
While the Bitcoin Cash momentum looks rather promising, it seems unlikely this uptrend will remain for long. That is not necessarily abnormal in this industry, as everything stands and ends with Bitcoin. Even BCH will see an uphill battle if Bitcoin decides to remain bearish for an extended period of time. Remaining above $160 will always be the main objective for BCH at this time, whereas every other value change else is trivial.
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.
Image(s): Shutterstock.com
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