Home / Crypto Currency / Bitcoin Cash Price Soars Past $600 Without Real Problems

Bitcoin Cash Price Soars Past $600 Without Real Problems

With all cryptocurrencies still in the green, very interesting price momentum is shaping up at this stage. It is rather uncommon to see so many markets in the green at the same time, especially when considering how troublesome 201 has been so far. The value of Bitcoin Cash is still rising, as it successfully surpassed $600 in the past few minutes.

Bitcoin Cash Price Continues its Uptrend

The past few days have been very interesting for BCH holders. Numerous successful uptrends have materialized over the past week or so, effectively pushing the BCH value higher and higher. This trend is still in place today, as Bitcoin Cash hit $600 earlier today. Sustaining this new level will be a major challenge, primarily because the uptrend began near the $450 level just a few days ago.

Over the past 24 hours, there has been another 9% gain for Bitcoin Cash in both USD and BTC value. The BCH/BTC ratio has now risen to 0.093BTC again, which is very interesting to keep an eye on. As long as altcoins continue to gain on Bitcoin, this uptrend may very well remain in place for quite some time to come.

One of the major developments to keep an eye on is the upcoming BCH hard fork. The bigger question is how users will need to store their funds when the time arises. Moving some funds to Coinbase or any exchange effectively supporting the fork is the best option. Rest assured this will spark some more debates moving forward, as up to four different versions of BCH will exist after the fork is over.

Looking at the technical analysis, there is some interesting momentum still on the horizon. Darsh taps BCH as one of three markets to keep an eye on over the coming weeks, as this may be the market reversal enthusiasts have been waiting on for most of 2018. One can only hope this trend continues for more than a few days, albeit that is still uncertain at this stage.

A similar sentiment is echoed by Krypto Wave Trader. This person is confident this is a five-wave move up, which will eventually lead to massive shorting opportunities. While that latter part is not something Bitcoin Cash users will be looking for any option for profits is worth taking into account in this day and age.

All of the signs point toward a further Bitcoin Cash price push in the coming days. Everything that goes up in value must eventually come down, and BCH has been going up in spectacular fashion over the past few days. That trend cannot be sustained indefinitely, although there is no real reason to despair yet either.

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.

Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. 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. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.