Cryptocurrency markets have a tendency to evolve in the most unusual direction these days. This is especially true where major currencies are concerned. Right now, Bitcoin Cash is taking up all of the momentum, while Bitcoin itself is going down ever so slightly. Additionally, it seems BCH has more trading volume than Bitcoin right now. Both currencies have around US$3bn worth of volume right now, but there is a big difference between the two markets.
Bitcoin Cash Continues to Dominate the Market
A lot of people were surprised yesterday when they noticed Bitcoin Cash was no longer being dumped across all exchanges. This trend has lasted for a full week. Especially with platforms such as Poloniex finally allowing BCH trading and crediting user balances, a massive pressure was created in the markets. This has now subsided and it looks like things have taken a complete turn over the past 24 hours. A very remarkable turn of events, to say the least.
More specifically, the BCH price was struggling to reach $500 just yesterday. That was considered to be the temporary top for this altcoin using the Bitcoin name. Today, however, Bitcoin Cash is valued at a market cap of $13,72bn, with every BCH having a value of $832. This spectacular growth is rather unprecedented, to say the least. Although we have seen massive price growth for Bitcoin these past few weeks, even that currency could not note a 66.5% gain in just 24 hours.
What is even more impressive is how Bitcoin Cash has more overall trading volume than Bitcoin. To put this into perspective, Bitcoin has a 24-hour volume of US$2.97bn, which is very impressive. Bitcoin Cash, on the other hand, is responsible for US$3.53bn in trading volume over the same period of time. That is quite a spectacular difference and also the very first time BCH has more volume compared to BTC. Whether or not this will become a trend we will see more often in the near future, remains to be determined.
Several factors are working in favor of Bitcoin Cash right now. Korean exchanges are absolutely dominating the charts these days, with Bithumb generating over $1.4bn worth of volume. Coinone and Korbit complete the top 3, all of which have far more volume than any exchange in the world. This is quite significant, as it seems to indicate Korean traders see more value in Bitcoin Cash than Bitcoin right now. More precisely, they feel BCH has been undervalued for quite some time now. Bithumb is also quite bullish on Bitcoin, though, which is pretty interesting.
Additionally, it is important to keep in mind mining Bitcoin Cash is far more profitable compared to mining Bitcoin right now. This sounds incredibly strange to people who haven’t kept tabs on things. Just a week ago, mining BTC was nearly 60% more profitable, but those tables have turned as well. At the time of writing, it is 65% more profitable to mine Bitcoin Cash compared to Bitcoin. Do keep in mind this trend could reverse at any given moment, even though the Bitcoin price isn’t budging all that much right now. An interesting development, to say the least.
All things considered, cryptocurrency markets are quite intriguing in their own way. People dismissed Bitcoin Cash as a currency with no support and no viability. Although the viability factor still has to be determined, it is evident the support is slowly growing. There isn’t much different between Bitcoin and Bitcoin Cash, though, other than the way scalability is addressed. Other than that, both currencies are on paper, the same, even though BTC acceptance is far greater compared to BCH. Moreover, there are still no major mining pools supporting Bitcoin Cash right now, other than BitClub and ViaBTC.