Bitcoin Cash is making good ground this morning. Away from it’s blood brother Bitcoin, we are seeing the Bitcoin Cash fork make positive ground in what so far today seems to be a rather tepid morning for cryptocurrencies.
At the time of writing, Bitcoin stands at $8,087.23, down 0.49%, on the other hand Bitcoin Cash stands at $830.75, up almost 7%.
In a climate where Bitcoin seems to be decreasing and moving below the $8,000-mark, Bitcoin Cash is doing exactly the opposite, moving upwards at a remarkable rate, meaning it could it four-figures sooner than we think.
Let’s track back a few days and see how Bitcoin Cash has been performing. To provide context, Bitcoin itself has maintain around the $8,000 region in the wake of the mid-April market surge.
Since the surge at the end of last week, Bitcoin Cash has made ground from around $660, up to around $770 and has thus far maintained this level over the past week. As mentioned however, this morning we have seen this rise significantly up to just over $830, with continuing signs that the trend will continue.
If this is the case, we may see Bitcoin Cash breach $900 this afternoon, edging it ever closer to the four-figure $1,000 mark.
Yesterday, CNBC posted this article- https://www.cnbc.com/2018/04/17/forget-bitcoin-now-is-the-time-to-buy-bitcoin-cash-crypto-trader.html
The article discusses how Bitcoin Cash is now the coin to invest in and informs readers to ‘forget Bitcoin’. I’ll pause at this point and state strongly that this is not investment advice, feel free to read the article but we are not endorsing it, nor is it something that should be considered as a basis for sound investment advice, as ever, it’s merely speculation.
The article predicts that a big run is looming for Bitcoin Cash, in light of it’s volume changes over the past few weeks, if this is the case then, considering how close it already is, Bitcoin Cash will breach the $1,000 mark.
Okay, we have a long way to go before Bitcoin Cash reaches its prior heights of $3,950 as seen in the cryptocurrencyboom in December 2017, but the $1,000 mark does at least signal that the currency is 25% of it’s way through a recovery.
Bitcoin and Bitcoin Cash are of course very closely affiliated, any huge gains experienced by one, will theoretically reflect back onto the other. As Bitcoin Cash approaches $1,000, we will no doubt see a change in direction for Bitcoin too, perhaps the reflection will see Bitcoin reach $10,000?
Experts are predicting another bull run soon, we can be sure that if it happens, this will drive up prices. We can’t however be sure of exactly when, or if it will take place.
Let’s see what the rest of the week has in store for Bitcoin Cash. If it continues to rise against Bitcoin which seems to want to drop, the respective Bitcoin communities are going to have a lot to talk about.