Bitcoin Cash Price Recovers by $250 After Major dip
A lot of people still have high hopes for the Bitcoin Cash price right now. After a very difficult day yesterday with the price dipping to $884 at one point, we now see a strong Bitcoin Cash price rebound. Thanks to a near 10% gain over the past 24 hours, things are looking pretty solid for this particular currency. How all of this will play out in the long run, remains subject to speculation first and foremost.
BITCOIN CASH PRICE ABOVE $1,100 ONCE AGAIN
It is always interesting to see how cryptocurrencies evolve in price over time. More specifically, Bitcoin Cash has thrown a lot of people for a loop, which is not entirely surprising whatsoever. With the Bitcoin Cash price spiking to $2,500+ last week and now dropping to under $875 about a week later, it is very difficult to make sense of it all. More specifically novice investors will not be happy about this development whatsoever, as there will be plenty of people who lost money with BCH over the past few days.
At the same time, the people who bought the Bitcoin Cash price dip – which we accurately predicted yesterday – will have made some good money as well. By buying BCH at $885 and just holding it for a few hours, people have made over $250 profit per coin by doing absolutely nothing. There is a lot of speculation in the Bitcoin Cash market right now, but that is also part of what makes cryptocurrencies so valuable to the right people. There will always be those looking to make money at all costs, and one should be prepared for it.
This volatile Bitcoin Cash price is not necessarily beneficial to this particular altcoin, though. It is evident there is a lot of good money to be made, but it may also make people lose faith in BCH over time. While Bitcoin itself is pretty volatile in its own right as well, most people will attribute terms such as ‘pump|” and “scam” to Bitcoin Cash for doing the same. That in itself is only to be expected until BCH effectively finds some stable ground, but for now, that seems out of the question.
One thing working in favor of Bitcoin Cash is how there is a major increase in trading volumeagain. More specifically, over $3.46bn worth of BCH has changed hands over the past 24 hours, which certainly indicates there is a strong demand for this altcoin right now. At the same time, it remains to be seen how much of this demand is due to speculation rather than actual interest in Bitcoin Cash. At the same time, this applies to virtually every other cryptocurrency in existence today.
Unsurprisingly, Bithumb is the main benefactor of Bitcoin Cash trading volume once again. With over $1.3bn worth of volume over the past day, it is evident the South Korean exchange is still very keen on Bitcoin Cash right now. Bitfinex is in second place, followed by Coinone. Two of the five trading markets in the top five relate to Bitcoin, whereas the other three are all fiat currency-based. An interesting situation well worth keeping an eye on, that much is certain.
How things will play out for Bitcoin Cash over the next few days, remains to be determined. With the weekend almost upon us, things have a tendency of heading in a completely different direction for no good reason. While this market is already pretty volatile right now, there is still a lot of room for stability and future growth at the same time. No one knows for sure if we will see more volatility or a clam market the next few days. Rest assured the Bitcoin Cash price will generate a lot of debates over the coming weeks, for obvious reasons.
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