Bitcoin Cash (BCH) Spikes after Rough Start to Week
Cryptocurrency Bitcoin Cash (BCH) is up a remarkable 9.99% today, following a market surge led by Bitcoin (BTC). Bitcoin Cash rallied to $309.24 (BCH/USD) coming off a drop down to $272 on Monday. The damage from over the weekend has been completely negated by a bullish trend that started yesterday and continues today.
Bitcoin Cash is now back up to where it was on Thursday, and it continues to rise. After the market took a hit following news of the crisis in Ukraine last month, this is an unexpected boon for investors who were looking for a turnaround.
How Bitcoin Cash Compares to the Wider Market
Bitcoin is following that same path, rebounding from a drop earlier in the month and fully recovering from Monday’s precipitous dip. Bitcoin didn’t have quite the same drop on Monday that other cryptos did, as it experienced more of a gradual decline that was spotted with a few upward spikes. Today’s gains of 9.27% put all those other recent spikes to shame. This is the most Bitcoin has gained since the end of last month. If recent weeks are any indication, it could mean that we are in for a few days of mostly stable movement followed by another downturn.
Bitcoin Cash is more erratic, however, having trouble holding on to the gains it makes and still struggling to get back to where it was this time last month. Ethereum (ETH) has benefitted from a 7.28% gain over the last 24 hours, but Terra (LUNA) has gone up a massive 23%, with XRP (XRP) up 6.23%. As you can see, many of the major players are on bullish trends, but there is the distinct possibility that none of these will last.
Outlook for Bitcoin Cash’s Future
Where Bitcoin Cash and the wider market are headed will be largely determined by how the global economy responds to the Ukrainian-Russian conflict. The situation could go either way at this point, with many countries stepping up to sanction Russia or denounce its actions. If the conflict continues a lot longer, however, that is likely to take a massive toll on the global economy and the cryptocurrency market.
Bitcoin cash has shown considerable strength and resiliency over the past 12 months, but its record recently has been overall negative. The Bitcoin Cash price was at $380 in late January before a sharp drop-off. It never really recovered from that fall despite a valiant effort in early February that pushed the rate to $360. Bitcoin Cash has managed to stay above the $300 level for much of the year so far, though it dipped below there a few times already. Investors may want to use that as a buy/sell level, investing below the $300 mark and then buying when it shoots past that. They may not be able to expect much more from the crypto than that for the foreseeable future.
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