The Bitcoin Cash price trend is still in full effect, even though no one can explain why exactly. We have seen the market cap of BCH rise to nearly $10bn over the past few days, which is more than twice of what it was not too long ago. Moreover, the Bitcoin Cash price itself has risen from under $360 to over $580 in quick succession. An interesting trend to keep an eye on, to say the least.

Bitcoin Cash Price Rally Continues

It is remarkable to see how the Bitcoin Cash price has evolved over the past week. A week ago, the BCH price was well below $350, which appeared to be the limit at that point in time. Ever since that time, however, things have certainly evolved in a rather interesting direction. While it remains to be seen how ‘valuable’ BCH really is these days, no one can deny speculators are having a lot of fun with BCH right now.

The past week has seen some interesting dips as well, though. After the Bitcoin Cash price rose to $515 on October 29th, it was followed by a big dip not too long after. More specifically, the price dropped all the way to $420 in quick succession, which seemed to indicate how this Bitcoin Cash price pump would come to an end sooner or later.

Surprisingly, that isn’t exactly how things played out. Instead, the Bitcoin Cash price started to rise again and quickly retook the $480 level afterward. Over the past two days, this trend has successfully remained intact, effectively pushing the BCH price to $580.5 in the process. This is quite remarkable, to say the very least, even though there is still a big question as to why Bitcoin Cash deserves to be valued at this level. It is an alternative version of Bitcoin with far less traction and usability compared to the real thing.

Speculators couldn’t care less about whether or not Bitcoin Cash is useful these days, though. The $1.329bn in 24-hour trading volume shows how speculation is driving the Bitcoin Cash price up right now first and foremost. It is evident a lot of people want to make a lot of good money by buying BCH cheap and selling it at a higher price. Right now, it seems a price correction is only a matter of time, although this has been on the horizon for nearly a full week now.

The demand from Korean speculators is bigger than it ever was, that much is rather evident. Bithumb generates over 51.3% of all BCH trades, which is still a very worrisome trend. Few people seem to actively care about this trend, though. Coinone and Korbit complete the top three right now, although they generate far less trading volume. Not entirely surprising, although it is evident most major exchanges haven’t seen a big increase in BCH trading volume lately.

Whether or not the Bitcoin Cash price can surpass its previous all-time high, remains a big mystery. Even with the current gains locked in place, the all-time high sits at over $1,100. That means the current Bitcoin Cash price is only halfway there, and it is highly doubtful this pump can be maintained indefinitely. Right now, it seems BCH is going up when Bitcoin goes up. Once that trend reverses – and it eventually will – this market can get pretty bloody very quickly.