The cryptocurrency market has been bearish for a while now. Cryptocurrencies have hit lower lows due to the bearish pressure in the market. For this reason, price surges caused by bulls are highly needed and appreciated by the cryptocurrency community. The past 24 hours have been marked by such a surge. Starting, from Bitcoin (BTC), there has been bullish pressure in the market. Of all the coins that have recorded gains, Bitcoin Cash (BCH) has recorded the highest gains against the USD.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) Price Analysis
Between Sunday and today, Bitcoin Cash has gone up by up to 32%. Yesterday evening, the cryptocurrency traded as high as $623 hitting a two-month high. The fourth largest coin per market capitalization is still on a bull run this morning even if the price has corrected lower by a few points.
The price surge is noteworthy because Bitcoin Cash was hovering around $425. It hit this low weeks ago after breaking the resistance at $588 and has been stuck around this level for a while now. The question is, why is the price rising significantly?
For starters, the leading cryptocurrency per market capitalization, Bitcoin, is currently green. As you probably know, a rise in the price of Bitcoin usually means a rise in the price of other coins. However, this isn’t the main reason why Bitcoin Cash is rising. You’ll recall that the development team is making plans to fork Bitcoin Cash on the 15th of November. This network split will involve the implementations of Bitcoin SV and Bitcoin ABC. Investors are buying more Bitcoin Cash in anticipation of this fork. The network split comes about a year after Bitcoin Cash was forked from the original Bitcoin following a debate about scaling within the development team.
The boost in the price of Bitcoin Cash has left investors optimistic about what the future holds for the coin after the fork. While Bitcoin Cash is the highest performing of the top five coins today. It isn’t the only coin that has experienced significant gains. XRP also hit a one-month high yesterday when it traded above $0.50. Stellar Lumens (XLM) is also doing well as it is up by 8% within a 24 hour period. This is no surprise following the announcement Blockchain, a wallet service provider, made about awarding $125 million in XLM to its customers through an airdrop.
This surge in the price of cryptocurrencies has led to a surge in the total market capitalization for the industry. The entire market is packing $6 billion every 24 hours. It has reached a 22-day high of $218 billion.
How Is Bitcoin Cash (BCH) Doing Now?
At the time of writing, Bitcoin Cash (BCH) was trading at $616.05. Even if it has corrected lower by a few points, it is still up by 10.64% against the USD. Against Bitcoin (BTC), it is up by 8.72%. Over a 24 hour period, the trading volume is $1,007,771,318 while the market capitalization is $10,746,866,776. If Bitcoin Cash keeps trading bullish, it may hit another significant high before the weekend is over.
SEE ALSO: Cryptocurrency Prices List Live Chart: Ethereum (ETH), Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), NEM (XEM) – Wed Nov 07