I consider the ‘majors’ any coin on Coinbase that can be converted back into fiat money, so the majors include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Now I’ve never really mentioned Bitcoin Cash as a ‘major’ mainly because it’s volume has been negligible, it’s purpose redundant and it’s appearance on Coinbase a little sneaky and dubious. However, today was certainly either an aberration, an anomaly or just a pump. Our own Cyrus McNally has excellent analysis on this move as does Amanda Razani.
Since the high of Bitcoin on February 6th (7984), we have traded a total of a $400 range in Bitcoin. Similar ratios have been traded between Ethereum and Litecoin. Bitcoin Cash has seen an absolute rush of volume today, and it has been relatively sustained.
1. This increase in volume occurred right around 0400 CST. Its initial thrust in volume was easily 4x the average. And we even had follow through volume participation going into the US trading session. The only other technical reason (not drawn) is the downtrend line that ended right on the first candlestick with significant volume. A break of that downtrend channel on Bitcoin Cash could be a good indicator of not only how the other majors will move, but what signal in technical analysis will trigger that move. It also appears that Bitcoin Cash is wanting to form a ‘like’ structure in price and move in step with the other three major coins. So far, the move appears to be an honest move and not a random pump. Keep your eyes on this one.