29 Oct BITCOIN CASH PRICE CONTINUES BULLISH MOMENTUM
Bitcoin Cash Price Retains Bullish Momentum
It is somewhat surprising to see the positive trend continue for BCH despite the last two strong days. In most cases, altcoins hardly ever sustain their momentum after one day of pumping, let alone two. Whether or not this means the Bitcoin Cash price surge is an effective pump or not remains to be determined. People who hold BCH as part of their portfolio won’t care much as to the reason behind this momentum, though.
At the time of writing, the Bitcoin Cash price has surpassed the US$450 mark. Considering that this value was well below US$350 a few days ago, one can certainly say things have changed quite a bit. Such a surprising turn of events is not without precedent in the world of Bitcoin Cash, as we have seen similar upward trends as well. In every case, the trend is eventually broken and reversed. It is possible that is what is going on with BCH right now, though.
To be more specific, the Bitcoin Cash price briefly surged to US$520 just a few hours ago. Ever since reaching that point, the price has dropped by US$70. That in itself isn’t entirely surprising, considering the Bitcoin Cash price is still up by US$90 compared to a few days ago. Any strong upward momentum will eventually be thwarted by people taking profits or purposefully driving down the value for selfish gains.
One thing keeping the BCH pump going right now is the massive trading volume. On most days, BCH generates US$200 million or less in volume, which is still pretty respectable. During these past 24 hours, however, that volume has suddenly increased to US$1.71 billion. It is evident this is not a natural increase by any means, even though the Bitcoin Cash price increase will certainly have attracted a lot of new speculators to partake in this market right now.
Speaking of the BCH trading volume, Bithumb is still the place to be. Even with this heavily inflated trading volume, Bithumb is responsible for almost half of all trades. This still indicates the price growth will collapse at some point, although no one knows when that will happen. Coinone and Korbit round out the top three exchanges ranked by volume right now. It is evident South Korea shows an appetite for this altcoin while the rest of the world still doesn’t care about it all that much.
It is impossible to guess what the future will hold for Bitcoin Cash. This upward momentum has all the telltale signs of an extended pump. Given the recent US$70 decrease in a matter of an hour, it is evident that attempts to sustain this momentum will falter at some point. An eventual retracement to US$350 is very likely at that point, as most people are still in the black right now. Things will remain interesting where BCH is concerned, although the eventual bloodbath will be pure carnage.