The big story of today is how Bitcoin Cash makes all other cryptocurrencies look bad. Thanks to its massive price gains, one BCH is worth over $900 at the time of writing. In terms of trading volume, BCH is successfully keeping pace with Bitcoin, which is still crashed hard as we speak. An interesting turn of events, to say the least. Now is not the time to make claims that aren’t backed up by solid evidence, though.
For all intents and purposes, there is a lot of excitement regarding Bitcoin Cash. That is only normal, since it is the only currency with any real gains today. In fact, its value went up by over 45% in the past 24 hours. Anyone with a brain can see this is not natural growth by any means. It is market manipulation at its finest and a lot of people are getting swept up in the momentum. There is good money to be made as well, mind you.
Bitcoin Cash Price is Bound to Collapse
Right now, the Bitcoin Cash market cap is over half of that of Ethereum. Many people claim these currencies will swap places sooner rather than later. Again, a very doubtful fact, as there are no solid fundamentals for such a major change. The pump affecting BCH right now will eventually see a massive correction. Everything that goes up in value most come down eventually. Bitcoin Cash will be no exception, that much is evident.
One thing keeping things going for Bitcoin Cash is the massive trading volume, it is the first time in history this altcoin sees over $4bn in volume. It is only fractionally behind Bitcoin itself in this department. Earlier today, BCH had slightly more volume than Bitcoin for a brief moment. It was evident this situation wouldn’t last for long. Then again, things may continue to flip back and forth over the course of the weekend. A major milestone for BCH, but it is incredibly difficult to make this the new normal.
No one can deny a lot of money is flowing out of Bitcoin right now. It seemed altcoins would finally recover most losses over the weekend. Some entities wanted to pump Bitcoin Cash instead. Once they will dump on the market – which will happen – this price could reverse very quickly. With Bithumb still generating almost half of the volume of Bitcoin Cash, this trend is looking more and more like a pump. All good pumps eventually come to an end, though. When it happens, the BCH market will get very bloody and salty.
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