Bitcoin Cash Booms By 7%: Racing towards $2000
Bitcoin Cash Booms By 7%: Racing towards $2000

Bitcoin Cash – the most successful cryptocurrency fork of all times, continues to show signs of success as the currency has been booming in leaps and bounds despite the markets in general going through a slowdown. Bitcoin Cash, currently the fourth largest cryptocurrency by market capitalization – has been an impressive player with several backers.

Bitcoin Cash was one of the worst hit cryptocurrencies during the first quarter of 2018 as it fell significantly from its all-time high. However now that a market recovery has begun, Bitcoin Cash has started to rebound at quite a rapid speed. The currency has been one of the biggest gainers of the past 24 hours – recording a 7% growth even when the markets are going through a brief slowdown. Let us take a closer look at the Bitcoin Cash price performance over the past 24 hours, the past week as well as where the price is heading next.

The price of Bitcoin Cash when the day’s trade began was $1612. Bitcoin Cash peaked when it hit the price of $1838 – and closed the day at $1734 – a significant gain from where it started off the day’s trade. The market cap of BCH too, shot up from $27.5 Billion to $29.8 Billion over the 24 hour trading period.

A week-long analysis of Bitcoin Cash price movement indicates that the currency has been really impressive. Having started off the week at $1414, the currency has closed the week at a much stronger position. The highest point of the week came earlier today at $1838 and the lowest point of the week came at the price of $1275. Bitcoin Cash’s market cap went up from $24.1 Billion to $29.8 Billion over the week – gaining close to $6 Billion over the week-long period.

It is now expected that the immediate short-term target for Bitcoin Cash would be $2000. By the end of next week, it is expected that Bitcoin Cash would be aiming at a price of $2300-$2400 – which would bring it back to where it was in early January before the markets crashed. Over the next few months, Bitcoin Cash aims at fighting its way back to a new all-time high beyond $4000. However, it is an uphill battle.

Author: Temitayo Olojede | Career Advisor | Job mandate | temity@jobmandate.com

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