Analytical overview on Bitcoin Cash price and market
Since the start of trading, more than 24 hours now, the price of a new Bitcoin-fork – BCC/BCH increased by 9,378 percent.
The initial price at 18.00 UTC Aug. 1 was 0.0045 BTC, and at 18.00 UTC Aug. 2 it equals 0.283 BTC.
The greatest growth was identified when Asian markets opened. The daily maximum price reached 0.485 BTC. The price pullback began when the US market opened: from the very maximum it fell to the current figures.
Since the main purchase took place on volumes higher than 0.2 BTC, this level can be seen as the preliminary support with a further price reduction.
Capitalization and infrastructure
The total capitalization of the market grew by $9 bln to $100 bln, within 15 minutes after the BCC block was mined. 75 percent of the main growth was connected with the trading volume in the altcoin market.
However, if we analyze the capitalization chart of the entire market, it is obvious, the main growth was entirely related to the fact the capital returned to the medium and low capitalized cryptocurrencies.
The Bitcoin share is less than 50 percent. Also, we saw weight loss in highly liquid altcoins.
The graph proves that the volatility level is decreasing, and that means lower price divergence between Bitcoin and the fiat currency.
The largest price divergence is in pair with the US dollar. It took place Aug. 1, with the opening of the US market.
In the morning of Aug. 2, the highest prices were:
- BTC / DKK – $3,297.54
- BTC / EGP – $3,167.69
- BTC / TZS – $3,079.15.
The lowest prices:
- BTC / BYR – $1,032.19
- BTC / XAU – $1,513.97
- BTC / UYU – $2,562.28.
Demand and supply level
Over the past 24 hours since Bitcoin Cash was activated and the first block was found, here is how the market looks right now:
- Bitfinex missed 20 percent of all transactions, which amounted to 33,000 BTC, compared to the daily trading volume of the stock exchange which increased by 40 percent.
- On Kraken, the daily trading volume fell by 17 percent – 28,000 BTC.
- The Chinese exchanges OKCoin and BTCC generated 16 percent and 14 percent respectively, which in total volume amounted to 49,500 BTC.
- Japanese bitFlyer accounted for eight percent of the transactions – 138,000
The largest number of transactions was identified with BTC/USD, BTC/CNY, BTC/EUR and BTC/JPY.
Coupled with the American dollar in percentage terms, the number of transactions amounted to about 45.2 percent. Take a look at the largest number of BTC/USD transactions on the following exchanges:
30.24 percent of all transactions were held in tandem with the Chinese yuan on such exchanges as:
Transactions with the BTC/EUR pair fell by 12.96 percent, and BTC/JPY by 8.7 percent. Transactions with EUR were passed mainly through such exchanges as Kraken, Zyado, Gatecoin, GDAX; with JPY – Coincheck, bitFlyer, Quoine.
Mid-cap and small-cap coins
As mentioned earlier, the main growth in the capitalization is connected with the injection of capital into the altcoin market with reduced liquidity.
This is most clearly seen on the following screenshot (the screen was taken at 11:30 UTC):
After the June fall and the decrease in movements on many, especially low-liquid, assets, some of the crypto investors poured their funds into altcoins as more reliable instruments.
So far, it looks quite positive for the market. The BTC price shows no signs of strength, but no signs of weakness either.