While other cryptocurrencies floundered, Bitcoin Cash continued to make a bull run with a 12% increase over the past 24 hours, indicating another push towards the $1,500 mark.
Although this is still significantly below the $3,600 high achieved in December, there are indications that Bitcoin Cash is moving forward and is reliably expected to continue increasing in price in the next few days. Analysts are observing that the $2,000 mark is not so far away.
Meanwhile, other cryptocurrencies’ performance was mixed with Ripple and Ethereum Classic declining slightly with trading volumes also on the low side. Legacy Bitcoin, or SegWit1x (BTC), led a considerable rally in the past 24 hours when its price finally exceeded the $10,000 mark, a figure not seen since mid-January.
It appeared that there were considerable sell orders at prices just above the $10,000 mark so although there has been a dip in the price over the past few hours, it’s only a matter of time when BTC’s price should start rising again.
Litecoin still continued with a modest price increase after a rally earlier in the week, which saw the coin reach the $230 level but it has now scaled back to around $210 on various exchanges. Dash and Ethereum staged mini rallies with prices increasing to $700 and $930 respectively, but with low volumes, these gains did not held on for long and a slight slump took the values back. It appeared that these currencies were struggling to push past certain psychological price levels again with their all-time highs being quite far off.
Other top 10 cryptocurrencies such as Stellar Lumens, Cardano, IOTA and EON appeared relatively stable with modest increases registered on low turnover.
Throughout the past 12 hours, the daily trading volume of BTC and other major cryptocurrencies remained relatively low, in comparison to the market’s volume on February 15. BTC also demonstrated a massive sell volume early Friday, the biggest one yet since February 14. If BTC can remain above the $9,700 mark—the starting point of February 14—it will likely soon rebound to $10,000 and potentially lead a strong rally.
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
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