Markets Update: Bitcoin Cash Prices Up Over 60% This Week
The price of Bitcoin (BCH) has spiked considerably over the past two weeks as the decentralized cryptocurrency's market has just captured a $20Bn capitalization. The market value of BCH is currently hovering around $1,250 per coin and the digital asset commands close to $1Bn in trades over the past 24-hours.
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Bitcoin Cash Markets Surge
Bitcoin (BCH) is on a rampage, surpassing most of the 1,500 cryptocurrency performances this week recorded on Coinmarketcap. Today the market value of one BCH is 13.80 percent of the price of one Bitcoin Core (BTC) token. The reason for this is due to the significant demand for BCH this past week as the currency's trade volume has doubled in less than three days. Over the past 48-hours, the top trade on the peer-to-peer exchange Shapeshift is BTC for BCH. Over the past seven days, data shows bitcoin cash markets have seen a 60 percent gain.
Although, Bitcoin Core swaps against BCH have dropped significantly over the past few days, as bitcoin cash is capturing a lot more direct fiat trades during today's trading sessions. BTC trades represent 40 percent of the BCH trades today, when last week they were well over 50 percent. This is followed by tether (USDT 24%), the U.S. dollar (22%), the South Korean won (7.8%), and the euro (1.8%). The influx of USD, EUR, and KRW into BCH has increased significantly this week.
BCH/USD Technical Indicators
Technical indicators show on the daily, weekly, and 4-hour charts that BCH is positioned to continue its rally. The two Simple Moving Averages (100 SMA & 200 SMA) on the 4-hour chart are about to cross hairs with the short term 100 rising above the longer term trendline. This indicates the path to resistance will be on the upside which could lead to higher price ranges in the short term. At the moment prices are overbought according to the Relative Strength Index (RSI) which is meandering around 70.
Meanwhile, the MACd is relentlessly headed northbound so a drop in price after bulls hit resistance may soon follow this run-up. Bulls have to muster up some more strength from the current vantage point all the way to $1,290 range to get some smoother seas and less sell walls. On the backside, there are solid foundations all the way back to $1,145 and more pit stops before the sub-$1,100 territories.
BCH Infrastructure and Support Grows This Week
Bitcoin cash infrastructure and support have increased again this week as the firm Bitpay has added more BCH features to its merchant services solution. The exchange Coinmama recently added BCH and LTC to the trading platform. Meanwhile, the firm Cheapair.com's CEO detailed how it would likely be using Bitpay over Coinbase for merchant services and will be accepting BCH. Additionally, the bitcoin cash community has been very excited about a new BCH micro-transaction powered social media system called Memo. The platform allows users to follow other profiles feeds and makes content sharing immutable by utilizing the BCH chain. Lastly, the mining operation Antpool revealed this week it would be burning 12 percent of BCH fees in order to bolster digital scarcity.
Where do you see the price of BCH headed from here' Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the 'money.'
Images via Shutterstock, Shapeshift, Coin Salad, Trading View, and Coinmarketcap.
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The post Markets Update: Bitcoin Cash Prices Up Over 60% This Week appeared first on Bitcoin News.
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