The Bitcoin Cash price has been going up and down by quite a bit over the past few weeks. Especially these past seven days, the market has been pretty volatile, to say the very least. As of right now, the Bitcoin Cash price hovers near the $350 mark, which seems to be the limit for the time being. Things may still improve in the coming hours, though, but no one should be overly excited.
Bitcoin Cash Price Action is in Place
Given the current Bitcoin price trend, it is not entirely surprising to see most altcoins suffer from small to medium setbacks right now. One altcoin making an exception in this regard is Bitcoin Cash, the only Bitcoin hard fork that matters to date. Although it is not even close to displacing Bitcoin anytime soon, Bitcoin Cash has successfully solidified its place in the world of cryptocurrency. Right now, it is still the world’s fourth-largest currency by market cap.
That being said, the Bitcoin Cash market cap has shrunk quite a bit as of late. This is mainly due to the Bitcoin Cash price tanking as well, which is not entirely surprising at this point in time. After its initial all-time high of nearly $1,200 , the Bitcoin Cash price has come down toward more normal levels for this specific altcoin. After all, it is still a “clone’ of Bitcoin without the community support or traction of the world’s leading cryptocurrency.
As of right now, the Bitcoin Cash price sits at $354.83. That is a solid value and represents a 5.3% increase over the past 24 hours. it is also worth noting BCH has gained some value against Bitcoin itself, although this 2.58% fluctuation is not exactly impressive either. At one point, BCH was valued at 0.15 BTC, whereas it is just worth 0.06 BTC right now.
That being said, the current Bitcoin Cash price is being driven by slightly more trading volume than normal. With $342m worth of BCH changing hands over the past 24 hours, things are looking somewhat promising. Then again, a spike in trading volume is often a sign of a 24-hour pump-and-dump cycle. Moreover, it is possible a few miners are unloading their BCH holdings as of right now, although that is mere speculation at this point in time.
Looking at the list of exchanges ranked by trading volume, there are no big surprises whatsoever. Bithumb generates almost seven times the volume of most normal exchanges trading Bitcoin Cash right now. HitBTC is the only other exception in this regard, even though the company has just over half Bithumb’s volume. Both Bithumb and HitBTC combined represent over 62% of all Bitcoin Cash trades right now, which seems to confirm the pump-and-dump cycle theory at this stage.
Whether or not the Bitcoin Cash price will reach $400 in the coming hours, remains to be seen. It almost appears as if the current upward momentum is running out of steam already. It will be interesting to see how things will play out for this altcoin, but it seems the room for price gains is still somewhat limited right now. Bitcoin Cash will not go away anytime soon, but there is only so much one can gain by holding onto this altcoin right now.
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