Bitcoin cash (BCH) is now trading at $1,000 USD, returning the price to levels not seen since late March of this year. Analysts have attributed the BCH spike to after-tax-season liquidity, strong volume, and a passionate and active community supporting the project.
Also read: Bitcoin Cash Gains Advance 4% Above BTC
Bitcoin Cash Smashes Through $1,000
The price of Bitcoin Cash has rallied to test levels above $1,000 for the first time since March. The move comprises a gain of more than 75% when measuring from early April’s low of approximately $610. With BCH hovering at approximately $1,050, the markets are approaching the 23.6% fibonacci retracement area when measuring from the all-time.
When looking at the BCH/BTC markets, one can see that Bitcoin Cash has begun to make significant gains over bitcoin. The BCH/BTC markets recently broke above, and then bounced off a broken a major descending trendline, signaling that BCH’s gains over BTC may continue in the short term. The BCH/BTC markets are also testing the 23.6% Fibonacci retracement area when measuring from the major resistance area of 0.25 BTC.
BCH Garners Mainstream Attention
Days ago, CNBC’s Brian Kelly, of the popular financial news program Fast Money, made his case for an all-out buy of exactly one cryptocurrency, Bitcoin Cash. Describing his recommendation as “a bit controversial,” Mr. Kelly stood before a monitor to better flesh out his reasoning.
He acknowledged how bitcoin core and Bitcoin Cash often trade together, following one another up and down. He described BCH as being in the Monty Python Zone. Famously, its skits often portrayed characters who simply refused to give up even when it was obvious to everyone else they should. “Bitcoin Cash has been left for dead,” Mr. Kelly
