What To Make Of Bitcoin Cash (BCH) And Litecoin (LTC) Leading The Market Momentum
Market Momentum Of Bitcoin Cash And Litecoin
Bitcoin has utterly surprised this week with a surge to a 5-month high. On Tuesday, the cryptocurrency increased by about $1,000 to $5,080 in sixty minutes, which may just signal that the market it's on its way to a bull. The increase in bitcoin’s price has generated $30 billion back into the market for digital currencies.
Not only is bitcoin performing well, but so is bitcoin cash. The trading volume at the start of the week was approximately $170 and a daily volume of $460. Upon bitcoin’s rally, bitcoin cash followed suit and jumped to $340 in a span of two days. At this point, bitcoin cash has come down to around $300, and this figure is certainly still better than the $170 or so that it seemed stuck at. Further, with bitcoin cash’s increase comes impact to EOS and litecoin.
Litecoin is experiencing a rally as well. It was at around $60 at this start of this week, but with other increases, it boosted to around $100. Thus, this altcoin may be just one of the better performing altcoins of this year.
At this point, the market cap is up from $1.7 billion to around $6 billion.
There are those who are not very optimistic about the surge though. Lewis Fellas, a chief investment officer at crypto hedge fund Bletchley Park Asset management, shared with Bloomberg
“So many investors are still underwater, so this is not going to moon-shot them out.”
However, he is also optimistic that bitcoin will be able to remain over $4,00 and that it may move higher throughout the course of the year. If it does pan out this way, then he asserts that “It seems like we might have put the lows behind us.”