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Bitcoin Cash’s happy rally comes to an end as price drops by 10% in 2 hours




Source: Unsplash

The price of Bitcoin Cash has dropped in two massive steps after its surge reached a pinnacle, a few hours ago. Bitcoin Cash surged by a massive 18% in a matter of 24 hours, leading the ephemeral rally.

What Goes Up Must Come Down

Source: TradingView

The rally started its descent on May 04, 2019, at 01:00 UTC, after the price hit $309; this price range has been a major resistance since April 2019. The price, since that point, has dropped in two steps; in the first drop, the price shed by 5.73% in an hour. The second drop was slightly lesser than the previous one, as it dropped by 4.88%. The price dipped as low as $280.9. However, at press time, it was trading at $287 and had a market cap of $5.12 billion, which made it the fourth largest cryptocurrency in the world.

The 24-hour trading volume for the coin was $2.51 billion and most of the volume was coming from LBank exchange via trading pairs BCH/BTC and BCH/USDT. The aforementioned exchange contributed a total of approximately $473 million in trading volume. OEX exchange took the second spot, as it contributed $202 million in trading volume via BCH/USDT.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.