The past two days have been pretty rough for most cryptocurrencies. When the Bitcoin price takes a big tumble, all alternative currencies will automatically follow suit. Thankfully, things are improving again, as can be seen by looking at the Bitcoin Cash price. More specifically, the Bitcoin Cash price is slowly approaching the $3,000 mark again. Christmas may turn out pretty decent for most cryptocurrency users after all.
According to The Merkle, It is evident all cryptocurrencies took a major nosedive around 48 hours ago. This is mainly due to the Bitcoin price tanking, although it is evident this was only a much-needed correction which wouldn’t necessarily result in long-term bearish momentum whatsoever. Although we are not out of the woods just yet, it is safe to assume things have begun improving again over the past 24 hours. The Bitcoin Cash price is a good example of how quickly a frown can be turned upside down in the cryptocurrency world.
With a solid 18.59% gain overnight, the Bitcoin Cash price is slowly approaching the $3,000 mark again. Although this is still far away from the recent all-time high, it is only normal it will take a lot of time to fully recover. If the prices can rebound by around 10-15% per day, the correction will be brought up before the year is over. It seems there’s still plenty of bullish momentum in all of cryptocurrency to make good things happen before New Year’s Eve.
It is also worth mentioning the Bitcoin Cash price is thriving thanks to solid gains over Bitcoin. More specifically, the BCH/BTC ratio improved by 13% in favor of the hard fork. A pretty interesting development, as altcoins recover a lot faster from the Bitcoin onslaught compared to a year or so ago. This is good news for the Bitcoin Cash price as well as prices for all other major altcoins. Rest assured there will be some shake-ups yet to come before 2017 is fully over.
Thanks to nearly $3.1bn in 24-hour trading volume, no one can deny the demand for Bitcoin cash is in a very good place. Although the opinions on this particular altcoin may still be somewhat divided right now, there’s no reason to think Bitcoin Cash will go away anytime soon either. Especially with the lingering network issues, there’s a growing need for an alternative version of the world’s leading cryptocurrency which doesn’t make people pay an arm and a leg just to move money on the network.
With Bithumb firmly leading the charge in terms of trading volume, things are looking pretty good for the Bitcoin Cash price. Bitfinex is in second place, although they value BCH at its lowest of all Western fiat currency-related exchanges. It is evident something still isn’t adding up for this exchange right now, but we will have to wait and see how things evolve. GDAX is the surprising third exchange ranked by volume, although they only have a small lead over HitBTC right now.
For now, it is still unclear what the future holds for the Bitcoin Cash price. The markets look healthy again, yet momentum can easily swing in either direction pretty quickly. There are no guarantees of success and everything is permitted. Take profits wisely for all cryptocurrency markets and don’t panic if another small dip occurs. Cryptocurrency is one of the most resilient markets in all of finance, and so far, it has been impossible to keep it down for an extended period of time.
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