There are many different interesting developments in the cryptocurrency world to take into account. While most people focus on the Bitcoin and Ethereum price, it is important to keep track of Bitcoin Cash as well. For some unknown reason, its value is currently up by 21.42% compared to 24 hours ago. There have been some recent developments which may have caused this sudden price jump.
Bitcoin Cash Price is Soaring
Ever since Bitcoin Cash was launched, its value has fluctuated quite a bit. During the first few days, the Bitcoin Cash price went as high as $860 – according to Coinmarketcap – and reached a low of $300 not too long after. Those wild fluctuations are to be expected in the early days of a new currency launching. Especially when all Bitcoin holders received an equivalent amount of BCH tokens through their wallet or supporting exchange.
Now that most people are done liquidating their “free’ BCH tokens, the Bitcoin Coin Cash price can start to stabilize. There has been some volatility over the past few weeks, although the value has remained relatively stable around the $585 mark for most of the time. Right now, the same BCH token is worth $683.14, which indicates there is a growing demand for Bitcoin Cash as we speak.
More specifically, this value represents a 21.42% increase in USD value over the past 24 hours. Bitcoin Cash is also gaining on Bitcoin, as it regained 23.72% of its value in this market during the same 24 hours. A pretty interesting development, to say the least. Now that services such as GreenAddress support Bitcoin Cash, it is evident the ecosystem will keep on growing for quite some to come. More support by service providers means BCH is not going away anytime soon, which is a positive sign.
There is also over $1bn in trading volume to accommodate this sudden price jump. Most of that trading volume originates from the Bithumb exchange, which will come as absolutely no surprise. It is not the first time traders on Bithumb are trying to push the price of a specific cryptocurrency up. With over $447m in trading volume, it is evident the Koreans are dictating the Bitcoin Cash price right now. No other exchanges come even close in trading volume, although all platforms maintain the same price, with the exception of Huobi.
People who have held onto their initial Bitcoin Cash tokens will be quite pleased with this news. Given the surge in trading volume, it is certainly possible Bitcoin Cash will surpass $700 sooner or later. Maintaining that high price will be a big challenge, though, as the Bithumb exchange may switch over to increasing trading volume for other currencies in the coming days. There is merit to Bitcoin Cash, mind you, as the block size increase shows there is plenty of room for more transactions on the network.
For the time being, it is unclear what the future will bring in terms of the Bitcoin Cash price. Things are looking pretty positive for now, though. If this value can be maintained, the currency is slowly setting higher lows in quick succession. It is also more profitable to mine Bitcoin cash right now, as the difference is 6.5% compared to mining Bitcoin itself. Rest assured there will be a lot more attention on Bitcoin Cash moving forward, as this price trend may only be a sign of things to come in the near future.