Bitcoin Cash, one of the best performing coins since the bullish outburst surfaced, has been maintaining consistency in accumulating major gains both in volume and trading price. Before this time, the story was an entirely different one. Not only was BCH overpowered by its well-defined competitor, but BCH also stumbled below the $100 mark on multiple occasions.
So, when BCH made a comeback that did not only surpass the $100 mark but also hit a fresh trading price of $200, traders were left in amazement. At press time, BCH is currently valued at $209.46. Although the coin was previously trading at $210 a short while ago, the coin is likely to cross $210 and head for the nearest resistance levels of $230 – $250 in the trading price.
BCH is showing promising signs of yet another breakout, and the next 24hrs will be a significant determinant of what is next to come. For now, the market structure is showing highly favorable signs for BCH.
As overall trading volume in the last 24 hours totals at $627,122,525, the next bullish milestone of is only a few hours away, once this happens, trading price will be set to level at somewhere around $220 to $230 in trading price. On the other hand, Stellar XLM, which is seated right behind BCH has also attained gains of 8.69% and while XLM is also showing promising signs, it is not posing as a threat to BCH whose daily gains of over 10% is on a clear spring.
The current market state of BCH has made a strong statement to traders who had believed that BCH was headed for a downfall. This notion was coined out of the thought that the BCH hard fork, which later led to the infamous hash war would be the death of BCH.
This was beginning to become evident when exchanges began to take sides, some of which went ahead to boycott BCH. Coupled with the FUD from the bearish market, the skepticism of traders towards the reliability of BCH plunged the coin and dragged its trading price all the way down to $75. Currently, its market cap of $3 billion which was the highest it has seen since the past 17 days is headed towards an assuring environment.