It is safe to say Bitcoin Cash is one of the hottest cryptocurrencies in the world right now. Especially now that Bitcoin is showing plenty of chinks in its armor, investors and speculators are moving to new cryptocurrencies. As a result, we have seen the Bitcoin Cash price appreciate significantly these past few days. Right now, the Bitcoin Cash price sits at US$3,368, although it’s not unlikely we will see even more gains.
Bitcoin Cash’s Gains add up Nicely
Anyone who bought Bitcoin Cash about a week ago – or even earlier – will be quite happy with how things have turned out. Unlike what most people expected, the Bitcoin Cash price has surpassed its previous all-time high of US$2,800. In fact, it made that particular all-time high look like pocket change, considering that the new all-time high is US$3,813. This is over US$1,000 higher than the previous record, which is incredibly impressive.
Most of those gains have been recorded in the last 24 hours. Just yesterday, it seemed as if the Bitcoin Cash price would surpass US$2,500, even though its momentum did not necessarily warrant a new all-time high at the time. Then again, Bitcoin’s problems are forcing users to look for alternatives, especially now that the Bitcoin price is struggling quite a bit. It will be interesting to see how long this momentum can remain in place, as many people have high hopes for a Bitcoin price reversal sooner rather than later.
For the time being, we’re looking at a Bitcoin Cash price of US$3,368, which is more than respectable. It is also a lot higher than most Bitcoin diehards had expected, as they would much rather see this hard fork disappear altogether. It seems the Bitcoin Cash approach to on-chain scaling is working in its favor right now, which is a positive sign. We can only hope Bitcoin manages to figure out its own scaling problems sooner rather than later. Right now, that seems highly unlikely, but we may receive some pleasant surprises in the future.
With over US$7.75 billion in 24-hour trading volume, no one can deny there is genuine interest in both buying and selling Bitcoin Cash right now. Although people are taking profits along the way, it seems the overall uptrend is still intact. Stabilizing near the US$3,000 level would be pretty good for Bitcoin Cash right now, although it remains to be seen how all of this will play out in the coming hours and days. There is some downward pressure on the markets right now, but it’s nothing to be overly concerned about just yet.
Bithumb is definitely the busiest of the Bitcoin Cash markets right now. More specifically, its BTC/BCH trading market has seen over US$1.17 billion in 24-hour volume, which is “only” US$200 million ahead of the top markets on both Bittrex and Bitfinex. This seemingly confirms many people are converting their Bitcoin into BCH for the time being. Rest assured this momentum could turn around at any given moment, but for now, we have commenced a pretty solid uptrend for all altcoins which offer things that Bitcoin lacks in its current form.
Thanks to a 43.43% gain against the dollar and a 55.36% gain on Bitcoin in the last 24 hours, things are looking pretty good for this popular altcoin right now. It is evident people are growing tired of the shenanigans which affect Bitcoin, but it remains to be seen whether or not Bitcoin Cash can withstand a clogged-up network. For now, it’s an interesting cryptocurrency ecosystem in every way imaginable, especially with the Bitcoin Dominance Index dropping below 47.5% again. The end-of-year fireworks have begun, but rest assured there is still more to come in the next 11 days.