Bitcoin Cash Breakout: Back Above 0.10 Against Bitcoin
As altcoins ride a tide of bullish sentiment, one unlikely crypto is surging ahead; bitcoin cash has broken back above the 0.1000 handle against bitcoin.
Bitcoin Cash, the wayward child spawned from last August’s’ hard fork, was up over ten percent on Wednesday and continued to make gains on April 19.
At the time of writing the coin is trading at $937 (Bitfinex), bringing the BCH-BTC exchange rate back above 0.1000.
At 21:30 on Tuesday, April 17 the coin was trading around $763, but it broke out of the 200 moving average and surged past the $800 and $850 resistance marks.
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.
Why so High Bitcoin Cash?
Recent momentum has left the market cap teetering on the precipice of a bearish trend, but bitcoin cash already seems to have broken out of its bearish outlook.
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.”
He told CNBC Fast Money:
“Bitcoin cash has been left for dead […] Maybe it’s mostly dead, but it’s not dead yet.”
Roger Ver as ever remains bullish on bitcoin cash as evidenced by a recent tweet. However, he was criticized for making it seem like a bitcoin cash event when it was not focused solely on the altcoin:
Brian Kelly, who owns an investment firm for cryptocurrencies, also called for a comeback of altcoins generally, suggesting that with Tax Day now out the way, the drawn-out bear market may be coming to an end.
Recent coin movement indicates that this might be the case, with some of the biggest names in the space showing signs of life.
On April 18 alone, the cryptocurrency market as a whole added 5.2 percent to the market cap, reaching $342 billion, and the market as a whole has gained over 37 percent in the past week.
Disclaimer: The author does not hold bitcoin cash, and does not plan on entering any positions in the near future.