Is Bitcoin Cash (BCH) Poised for Bull Trend after Stabilizing?
Timothy St. John • 2 min read
After the crypto market tanked on November 8th and 9th, even major cryptos like Bitcoin Cash took a serious hit. The question at the time for a lot of investors is how soon they were going to bounce back, followed by questions about how much of a recovery they would make. Bitcoin Cash’s price is currently at $104.42 (BCH/USD), after having fallen from $125.25.
Like most cryptos, Bitcoin Cash attempted a quick recovery. The coin fell to as low as $89.15, dropping below that crucial $100 level. Then, it surged upward as investors helped it recover to $105.27 by the 10th.
At its lowest price point, Bitcoin Cash was raking in $677 million in trade volume over 24 hours. Compare that to a range of $300-$400 million per 24 hours before the drop, and you can see the level of activity that the low rate sparked.
Bitcoin Cash lost over 28% in the bearish plummet, which was spurred by the Binance takeover of the FTX crypto exchange. It then recovered within the next day, but only gained back some of what it lost. The net loss since the drop is around 16%, and BCH’s rate is up just 1.85% today compared to yesterday.
Where Is BCH’s Momentum Taking It?
A lot of the impetus for this coin has disappeared, with trade volume down 17% since yesterday. The BCH price has definitely settled over the last few days, and that has analysts wondering if Bitcoin Cash may be preparing to shoot up soon. As we come into the weekend, we could see a lot of action from this coin. It is still holding onto its high ranking within the crypto industry despite the recent drop, coming in at #27 overall at the moment.
We are now looking at a stabilizing crypto industry, so the opportunity for investors to start making some major moves is there. The confidence in the market is starting to return, especially after investors saw how much of a recovery most of the crypto tokens made after the recent crash. Bitcoin Cash could move close to the $110 mark over the next few days, but probably not past that unless there is another major news story for the industry. It should retain its value for a while, so we don’t expect any sharp drops anytime soon.