Bitcoin Cash Trading Volume Spikes 7 Times in Crypto Market Recovery

Nov 6, 2018 at 13:30 Update Date :Nov 15, 2018 at 12:34 UTC

The top-10 crypto coins like Ethereum, Litecoin, and Bitcoin Cash have risen by more than 5% over the last 24 hours.

One of the most popular cryptocurrencies, Bitcoin Cash (BCH) has grown more than 19%. The volume of Bitcoin Cash has grown over the period and as of now; the Bitcoin Cash is registering 1.21 billion US dollars in the trading volume. The Bitcoin Cash is trading at around $575 and in the last 24 hours, it has registered an increase of 20.85%.

On November 2, the Bitcoin Cash was trading at around $420. To reach this current value, it has increased by 36% which is similar to one it had at the end of September 2018.

Bitcoin Cash Trade Volume Jumps 7x

In the current crypto industry, Bitcoin Cash is the largest after Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). It has overcome the top volume which Ripple (XRP) achieved in the October month when the prices increased by three times.

Ethereum has also shown a decent gain of 4% to $208, also breaking out the resistance level of $200.

Josh Rager, a cryptocurrency technical analyst said that Bitcoin, in the short term, can show an increase in the volatility. He said over the past two years, it has not seen any Bollinger Bands squeeze that tight, clearly indicating the upcoming volatility with price action. The same squeeze was seen in 2016 for a month and advised people to be prepared for the slow sideways movements through November.

Hsaka, a digital asset trader, holds the same statement, expecting a herculean breakout for Bitcoin in the coming weeks above the mark of $6800.

He said, considering the volume and volatility petering out, Bitcoin to hold this range for another month is not surprising at all. He continued, Would be the path of maximum pain, bears don’t get their rapid selloff to 4.8k, bulls distraught over not being able to break 6.8k.”

As per the experts, there could be a brief-term movement for virtual coins with the increase in Bitcoin trading volume in Japan and South Korea. However, until BTC overcomes the level of $6800, it is difficult to mention anything worth.

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