Bitcoin Cash has had a really good time recently. The value of the currency has jumped from gain to gain, leaving the trail of its sibling Bitcoin, behind in the wake of the mid-April market surge.
Prior to this point, Bitcoin Cash sort of followed directly behind Bitcoin, steadily, at around 10% of the value of it’s older sibling. Or younger sibling, but again that’s a debate for another day.
What I am saying here is that through its great progression, Bitcoin Cash has managed to shake off the curse of the Bitcoin trend and has finally allowed itself to start raking in value on its own, no longer relying on Bitcoin to help it onto its trajectory.
At the time of writing, Bitcoin Cash is valued at $1,534.67 and is down 4.86%. The current value of Bitcoin Cash sits around the steady average of around $1,500.00 seen by Bitcoin over the past few weeks, an average aided by a significant climb from around $650.00 to an April peak of $1,535.12 as seen in the wake of the mid-April market surge.
Since then, through May, Bitcoin Cash has continued to make positive progression. As I have stated, it has thus far remained to keep at a cool average of around $1,500.00. This is not an accurate mean calculation, however, based on an inspection of Bitcoin Cash data, $1,500.00 isn’t far off Bitcoin Cash’s true average, without having to make intricate calculations to pin an official figure down.
Most vitally, during May we have seen Bitcoin Cash reach a new monthly peak of $1,818.63 on the 6th of May, almost dragging Bitcoin Cash past its current $2,000.00 target. Mind you, this peak was of course short lived, with Bitcoin Cash soon dropping back down to the figures we see today.
By just brushing short of $2,000.00, Bitcoin Cash has almost reached half way to it’s top peak recovery. The highest recorded value for Bitcoin Cash sits at just under $4,100.00 as recorded in December during the cryptocurrency boom at the end of 2017 and the start of 2018. By reaching the half way point and maintaining at that value, we can start to see how the rest of 2018 might shape up for Bitcoin Cash. Assuming the climate is right, we could see Bitcoin Cash breach $4,000.00 once again. For now, we need to see it move comfortably past the $2,000.00 threshold first before we can make any real, educated predictions.
What now for Bitcoin Cash?
The markets are in a slight decline at the moment, meaning we could see Bitcoin Cash move below $1,400.00. Hopefully this dip will be short lived, and the recovery of Bitcoin Cash will be back on track in good time. Overall, we do expect to see Bitcoin Cash reach past $2,000.00 soon enough, the recent near miss as seen last week does suggest Bitcoin Cash is ready, we just need to see the markets pick up a bit of pace before we can expect Bitcoin Cash to exceed this.
This is not investment advice and thus, you should do prior research before deciding to invest in any cryptocurrency, including Bitcoin Cash. Be wise and trade well, just as we could see some rises, Bitcoin Cash could continue to fall. In that instance, we really will need to reassess what we are seeing here.