Weekends are usually nefast for cryptocurrency markets. In virtually every case, we see unexpected losses materialize for no good reason. The past two weekends have been rather different, yet it remains to be seen what these next two days will bring. For now, the Bitcoin Cash price remains in a good place, but that momentum can quickly turn around.
Bitcoin Cash Price Remains at $1,600
It has been a pretty interesting month of May for virtually all cryptocurrencies out there. Although there’s still plenty of room for future gains – or losses – it seems most markets will not see any major setbacks moving forward. The Bitcoin Cash price, for example, is going through a pretty solid period right now, with its value remaining around the $1,600 level for the time being.
This current uptrend is pretty significant for BCH, and one that most people didn’t expect to last this long. With the Bitcoin Cash price rising from just over $700 to $1,600 in such quick succession without too many setbacks, the future looks pretty good. Even so, there will be some form of setback to contend with at some point, as the markets have grown quite spectacularly for several weeks now.
Thanks to another 8.04% increase over the past 24 hours, the Bitcoin Cash price momentum remains firmly in place. It is also interesting to note how BCH gained another 6.64% over Bitcoin, as the world’s leading cryptocurrency is suffering from a mild sideways trading lull right now. With the weekend in front of us, a lot of weird things can happen in cryptocurrency, although that doesn’t necessarily have to be a bad thing at this stage.
Bitcoin Cash successfully generated over $1.162bn in 24-hour trading volume, excluding OTC markets. It is a very liquid market, although still well behind both Bitcoin and Ethereum in this regard. As long as the trading vole remains close to this level, interesting things are bound to happen for BHC sooner or later. For now, the focus lies on maintaining the $1,600 price level, which will be challenging enough.
As has been the case in the past, OKEx is in the lead when it comes to trading volume. Huobi is not that far behind, and Bitfinex successfully claims the third spot right now. With one fiat currency pair in the top three, things might not look all that impressive to the untrained eye. However, it isn’t all doom and gloom either, as there are some interesting things happening in the world of cryptocurrency as we speak.
Whether or not the Bitcoin Cash price will maintain its $1,600 level, is a tough question to answer. Given all of the momentum in the market right now, it is certainly possible this price level can be sustained, although some people will begin taking profit at one point or another. For now, the short-term future for BCH looks pretty good, although the long-term picture needs to be kept in mind at all times.