After demonstrating nearly a 50 percent gain within a three-day span, Bitcoin Cash dropped five percent of its value against the US dollar.
The volume of Bitcoin Cash, which hovered at around $1.4 billion on November 6, has since dropped to $950 million, by 32 percent. Still, on a weekly basis, the volume of Bitcoin Cash is up from $750 million from $200 million.
Ripple (XRP), EOS, and Stellar (XLM), three major cryptocurrencies that experienced fairly large gains against both Bitcoin and the US dollar, recorded a drop in the range of 3 to 5 percent, with XRP dropping back to $0.5.
Bitcoin is Still Stable, on Track
Throughout the last 48 hours, Bitcoin initiated a minor upward movement from around $6,390 to $6,550 with a solid two percent increase against the US dollar.
As major cryptocurrencies and small market cap tokens retraced, the price of BTC dropped by a small margin of around 0.5 percent.
On crypto-to-fiat exchanges like Coinbase and Gemini, BTC is being traded at over $6,450, up $60 since November 6.
Since August 9, BTC has maintained stability in the tight range of $6,300 to $6,800, and until the major $6,800 resistance level is broken, analysts expect the price of BTC to remain stable, possibly throughout November.
Technical analysis Ant stated that on November 7, BTC demonstrated extra momentum with confirmation of a short-term bullish movement. Given that the volume of BTC still remains above the $4.5 billion and considering that the daily volume of BTC dropped to as low as $3 billion earlier this month, the possibility of BTC making a move towards the $6,600 resistsanace level still exists.