The bull-run in Bitcoin Cash (BCH) price lost the momentum after hitting a three-month-high at the beginning of the week. BCH coin trades in a narrow range of $1,350 over the last two days. Although it is in the green today, several other altcoins are outperforming BCH in regards to price gains today. Stellar (XLM) and IOTA (MIOTA) are the prominent gainers among the top ten cryptocurrencies.
Bitcoin Cash price jumped more than 100% last week to the highest level in the previous three months. However, the overbought conditions and traders profit taking strategy helped bears in hindering the stunning BCH coin bull-run.
Thomas Lee comments in favor of Bitcoin (BTC) over Bitcoin Cash added to bears stance.
He said, “I prefer not to pick winners and losers when we’re looking at cryptocurrencies like bitcoin/Bitcoin Cash. I think both have merits. But if I were putting new money to work today, so a fresh dollar, I would be a lot more interested in buying a laggard that could attract inflows rather than something that’s already potentially overbought.”
Market pundits, however, remains bullish on the upside potential for Bitcoin Cash price. They expect the approaching hark fork event and traders increasing confidence in cryptocurrency markets to create additional support for BCH.
Stellar is Flourishing
Stellar is among the most significant gainer in top ten currencies today. Its price rose at the double-digit rate today to $0.41, almost the highest level in the last two months. XLM price doubled since the start of this month, and its market cap exceeded $7.8 billion level. It is currently rank at seventh spot regarding the market capitalization. The substantial increase in trading volume adds to its price appreciation. XLM coin gets the most significant trading volume from Hong Kong-based crypto exchange Binance. South Korea’s exchange Upbit contributes 21% of the total trading volume.
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Sharon is a journalist based in Durban, South Africa. He has years of experience in writing for a number of print and digital platforms, ranging from sport to technology and of course, Cryptocurrencies.