It is evident things are not looking great in the world of cryptocurrency. With most markets still suffering from small to medium losses as of right now, getting excited about things is fairly difficult. As of right now, Bitcoin Cash is the only top currency making any positive impact. Whether or not this trend will continue for some time to come, is a different matter altogether.
BITCOIN CASH PRICE MOMENTUM PROVIDES SOME RELIEF
Anyone who has looked at cryptocurrency markets over the past week will have noticed the color red is fairly dominant. All markets are struggling for traction, mainly because Bitcoin can’t catch a break whatsoever. Assuming the Bitcoin price won’t pick up the pace in the very near future, these declines will most likely continue to pile up. That in itself is not a positive development by any means. Right now, Bitcoin Cash is the only top currency successfully bucking this trend.
More specifically, the Bitcoin Cash price has managed to hit nearly $1,000 at the time of writing. Although this is lower than the earlier Bitcoin Cash price of over $1,040, everyone will acknowledge most small to medium gains are quickly turned into dips. This is effectively happening to virtually all markets as we speak, as it seemed Bitcoin would see some minor upward momentum yesterday. Unfortunately, that quickly turned into further declines.
With the Bitcoin Cash price showing some positive momentum, we may see a semi-decent weekend after all. Bitcoin Cash has not only gained 6.32% in the USD value, but it also has gone up by 6.59% against Bitcoin. Any altcoin looking to decouple itself from Bitcoin will need to make some moves in the coin/BTC ratio as soon as possible. Now is the time to strike, so to say.
With $483m in 24-hour trading volume, things are not looking all that bad for Bitcoin Cash right now. Especially when considering how the global cryptocurrency trading volume has dropped to $12bn over the past few days, it is evident there will be very few markets with any impressive trading volume in the next few hours and days. Considering we saw well over $40bn in trading volume for the second half of 2017, the current trend further confirms the overall bearish trend.
The way things look right now, HitBTC is the leading exchange by BCH trading volume. While their lead over OKEx’s BTC and USDT pairs is less than $1m, it is still one of those trends which will only occur whenever the weekend comes around. Even so, we see no fiat currency markets in the top three, as Bitfinex’s USD market is the first one, in fifth place. Whether or not this is something to be concerned about this weekend, remains to be seen.
For the time being, it remains unclear what the future will hold for the Bitcoin Cash price. As of right now, things are not looking all that impressive, but the overall trend seems to be more positive compared to most other altcoins on the market. Whether or not the Bitcoin Cash price can surpass $1,000 again later today, remains to be determined. It is certainly possible we will see a bit more positive momentum in the coming days, but for now, the markets remain extremely shaky.