Over the past 24 hours, the price of the Bitcoin Cash cryptocurrency increased from $287 to $322. This 12 percent increase joined the total increase of the market by around $4 billion. The latest altcoin newsshows that other major crypto assets also show large steps ahead.
Crypto assets such as TRON, Litecoin, and Ethereum Classic showed relatively large gains against the US Dollar. Bitcoin, on the other hand, jumped by 20 percent over the past week changing the entire sentiment on the crypto market. However, despite the slight gains over the week, the major crypto assets didn’t see many gains over the past four months.
Experts believe that BTC increased in value by a large margin over the week because of the liquidation of nearly half a billion dollars gained from short contracts on crypto exchanges. The chief executive Oliver Von Landsberg-Sadie of the crypto company BCB Group stated:
“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.’’
Analysts are now wondering if bitcoin has the next turn. They believe that there are fundamental factors that could increase the price action of bitcoin. For example, a cryptocurrency trader explained:
“Before every BTC halving has begun there have been oversold RSI indicators on the weekly. Every year before the Bitcoin halving the price has recovered, and sometime after the halving, the price shoots past the previous ATH. This isn’t a coincidence. It’s an algorithm that works.’’
Another indicator of a possible price increase for bitcoin is the daily transaction volume on the network. The number of transactions is reaching an all-time high and the level of activity on the network is also increasing.
Bitcoin cash, Ethereum, and Ripple could increase the interest in Bitcoin if investors hedge their investments in alternative currencies. All of those assets are down by 80-90 percent against the US dollar while Bitcoin is down by 73 percent from its all-time high.