Bitcoin Cash (BCH) Corrects Lower After Record-Setting Weekend
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Cryptocurrencies

Bitcoin Cash (BCH) Corrects Lower After Record-Setting Weekend

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Bitcoin Cash (BCH) Corrects Lower After Record-Setting Weekend

Introduction

This article was posted on Monday, 06:13, UTC.

The Bitcoin Cash (BCH) offshoot soared to new records over the weekend, as higher trade volume and a boost in mining profitability drove gains. However, prices have since come crashing down amid a broad pullback in the newly forged cryptocurrency.

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BCH Approached $1,000 Over the Weekend

Bitcoin Cash jumped 44% to $996.92 on Saturday, according to CoinMarketCap. That was the highest the cryptocurrency had ever traded in its roughly three-week history, but still less than a quarter of the original Bitcoin’s value. The BCH was last down 8% against the U.S. dollar to trade at $741.00.

At its current price, the BCH is hovering just below a major trend line. The Relative Strength Index (RSI) is in the low 40s, which implies weak underlying momentum. Long-term, the major support level is located around $640.00. Prices are approaching a major resistance level near $760.00.

The sharp rise in Bitcoin Cash over the weekend triggered a sizable drop in Bitcoin. After registering two all-time highs last week, the world’s leading cryptocurrency slumped back toward $4,000 on Sunday. Prices have since returned above $4,100.00.

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Despite its latest correction, Bitcoin Cash is now the world’s No. 3 cryptocurrency based on total assets. Its market cap of $12.2 billion puts it well below Bitcoin ($67.4 billion) and Ethereum ($28 billion). There are now ten cryptocurrencies valued at $1 billion or more.

Mining Profitability Rises

Bitcoin Cash’s built-in protocols have gradually made it easier to mine the cryptocurrency, thus boosting its profitability. Bitcoin Cash is now 69% more profitable to mine than its predecessor, according to a recent analysis from Coin Dance.

The BCH has also benefited from a recent upsurge in trading volume, with the South Korean won driving much of the gains. At its peak, the won contributed to almost half of BCH trade volume.

South Korea has been at the centre of the cryptocurrency euphoria. Hacked.com reported last week that the Asian country triggered a sharp uptrend in Ethereum prices, with the won accounting for over 60% of the purchases.

The country could become the next haven for cryptocurrencies after policymakers announced tentative plans to regulate the market. Japan spearheaded regulation on the Asian continent earlier this year, triggering a sharp rise in cryptocurrencies.

BCH/USD (Bitfinex)

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Sam Bourgi

Sam Bourgi

Sam Bourgi is Contributing Writer to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.

Comments
  • user

    AUTHOR JamesSides

    Posted on 2:39 pm August 21, 2017.

    Honestly, it’s mind boggling how many times I come here and you guys are not just wrong but painfully wrong. I’ve lost thousands of dollars, literally, following articles here…

  • user

    AUTHOR JamesSides

    Posted on 2:41 pm August 21, 2017.

    Today’s loss was no biggie, only about $5200 so far thinking that 640 support had any real merit, which I dunno why I thought anyone could call a support on a less than 30 day coin but life goes on…unlike my subscription.

  • user

    AUTHOR tadej

    Posted on 2:54 pm August 21, 2017.

    JamesSides,

    I wonder the same why Im paying this subscription… There was numerous trade recommendations, and I tell you non of the ones I invested in was profitable was profitable for me..

    For two month RIPPLE was just trading below the support etc. not even once anybody recommended to take the money of the table. I know im responsible for my trades but hey guy why the heck im paying you then…

    There was some on the beginning when Jim was doing the charts, but I think nobody wants to admit, on crytpo you cannot do TA. Also I was expecting more on the entrepreneurship articles but unfortunately these are scarce. Im really considering to cancel account.

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