The cryptocurrency market is moving slowly today, with a net zero change overall. We have seen a lot of action from lots of crypto tokens over the last few days, however. This includes erratic movement from Bitcoin Cash (BCH), which has fluctuated from $111.59 (BCH/USD) to $120.19 over the last few days.
A Very Busy Crypto
While some major cryptos have been climbing much of the week, including Dogecoin’s bullish run, Bitcoin Cash has been experiencing wild up-and-down movements.
Looking at BCH’s price over the last 7 days, the zig-zag movement is providing lots of opportunities for investors to buy during the dips and then sell in a day or two when the price peaks. The 30-day overview shows a different story, though. Bitcoin Cash’s price stood at $123 near the beginning of last month. It fell from there over the following days, dropping to a low of $103 about a week and a half later. Then, the token began climbing until its activity peaked in this last week.
Is It Time to Invest in BCH?
What all that movement means is that BCH is doing well compared to its mid-month slump in October and may be poised to go higher very soon. Of course, the high level of activity could die out and leave the coin in a freefall shortly too.
The volatile path of this coin is healthy for its trade volume and investor appeal, though. Even though the market has slowed over the last couple days, Bitcoin Cash is experiencing a nearly 8% increase in trade volume today compared to yesterday. More than $605 million in BCJ tokens was traded over the last 24 hours.
While this could be an advantageous time to invest and the coin could go higher, investors should wait until the price drops a bit further. If the past week or so has been any indication, that should happen soon. If you do invest in BCH in the next few days, prepare to sell it quickly to guarantee a profit rather than waiting it out and hoping for a long-tail bear trend. We do not see that happening anytime soon.