This time last week, anybody considering Bitcoin Cash hitting $2,000.00 in a week would be considered crazy. Indeed, you may wish to consider me as crazy, but if we look at the facts, it’s something that could indeed happen.
Of course, Bitcoin Cash could also reach $800.00 again, but, that is the absolute beauty of cryptocurrency, right?
This time last week, Bitcoin Cash was valued at around $777.15. Towards the end of the week, on Friday, we saw Bitcoin Cash take a rapid change in direction, moving upwards at a dramatic week, closing on Friday evening at around $1,142.50.
How is Bitcoin Cash today?
At the time of writing, Bitcoin Cash is valued at $1,390.61, up a huge 19.67%, this, is a significant hike.
Teetering around $1,400.00 Bitcoin Cash is showing incredible promise that it could reach $1,500.00. Of course, if this steep gradient continues to deliver then we will see Bitcoin Cash hit $1,500.00 very soon. Moreover, if it can maintain at that level, we may very well see Bitcoin Cash reach $2,000.00, sooner, rather than later.
What is interesting is how Bitcoin Cash seems to have escaped the grip of it’s twin sister, Bitcoin. Recently, the value of the two currencies has correlated somewhat. Okay, so the value of Bitcoin Cash has always been significantly less than Bitcoin, but, when Bitcoin has reached $7,000.00, Bitcoin Cash has sat at around $700.00. Likewise, when Bitcoin moved to $8,000.00, Bitcoin Cash sat around $800.00. Now, with Bitcoin just below $9,000.00 and Bitcoin Cash just below $1,400.00, you could argue that Bitcoin Cash has finally cut its ties with its sibling.
This, can be further justified, should Bitcoin Cash continue to climb at this, rather stunning rate.
We may see some selling activity increase if Bitcoin Cash hits $1,500.00 soon, which of course will change the trajectory of its value. However, even so, the $2,000.00 mark should’t fall too far behind.
This is the start of an exciting time for Bitcoin Cash, the value of the currency is moving up and it seems to be cutting its associations with Bitcoin. Bitcoin Cash, of course, is due for another hard fork next month, which should both enhance the technology behind the currency and, further detach the Bitcoin Cash from Bitcoin itself.
For now, we should continue to watch how Bitcoin Cash progresses. $1,500.00 is significant, and it is closing in, fast. $2,000.00 was a pipe dream, but, it now seems to be more of a case of when, rather than if.