Bitcoin Cash Trading Up 29.9% This Week (CRYPTO:BCH)

Bitcoin Cash Trading Up 29.9% This Week (CRYPTO:BCH)

This means that if Bitcoin Cash fails to adapt, it could ultimately see its prices decline.

While the scheduled hard fork may have provided support in recent days, a material shift in market sentiment has been the key driver, with similar gains being seen elsewhere, the only laggard being Bitcoin. Traders and analysts have seen bullish characteristics in bitcoin.

At the time of writing the coin is trading at $937 (Bitfinex), bringing the ratio of BTC to BCH back above 0.1000.

Antpool believes that Bitcoin Cash will only increase in popularity after the planned hard fork on 15 May 2018, which will change the block size from its current 8MB to 32MB and introduce basic smart contract functionality.

The Bitcoin Cash price resumed its advance in today's early trading, rising to as high as $994.79.

Therefore, let's find out the current price levels from the price analysis.

After facing a little resistance at $900, it then broke out again with even more exuberance to form a five percent green candle reaching highs over $940.

Bloomberg takes note of the current rise has brought BTC's increases over the two-week time frame to very almost 29 percent, with an upward pattern for other major altcoins also: Ripple up as much as 19 percent, Ethereum up 7.5 percent and Litecoin, 4 percent.

At present, AntPool accounts for 7.3 percent of Bitcoin Cash blocks mined within the past week, though it has mined more than 10 percent of blocks mined in the past 24 hours.

The bull run formed at 6 April's swing lo $0.45716 remains firmly intact, the passing of the U.S tax deadline, talk of Soros and other family money entering the market and an easing in government and regulator chatter supporting the latest bull run.

Ripple's XRP slipped to a $0.88034 low in the early part of the morning, before bouncing back, with investors quick to jump in at sub-$0.90 levels, the day's first major support level of $0.8146 and 23.6% FIB Retracement Level of $0.8385 untested in the early part of the day.

The breakout was called by crypto trader Brian Kelly, who on April 18 cited "increased volatility in the coin and higher volumes in the last month as proof of a potential breakout".

Bitcoin cash has been experiencing an upside for some time now. As a result, upside from the $0.65 level saw it attain the $0.75 price level now.

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