There are many interesting developments in the cryptocurrency world to note this week. While most people have focused on the Bitcoin and Ethereum prices, it is important to keep track of Bitcoin Cash as well. For some unknown reason, its value is currently up 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 by quite a bit. During its first few days, the Bitcoin Cash price went as high as US$860 – according to CoinMarketCap – and reached a low of US$300 not long afterward. Those wild fluctuations are to be expected in the early days of a new currency, especially when all Bitcoin holders received an equivalent amount of BCH tokens in their wallet or supporting exchange.
Now that most people are done liquidating their “free” tokens, the Bitcoin Cash price can start to stabilize. BCH has experienced some volatility over the past few weeks, although the value has remained relatively stable around the US$585 mark most of the time. Right now, the same BCH token is worth US$683.14, indicating there is a growing demand for Bitcoin Cash as we speak.
More specifically, this value represents a 21.42% USD increase 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. That is a pretty interesting development, to say the least. Now that services such as GreenAddress support Bitcoin Cash, it is evident the ecosystem will continue growing for quite some time to come. More support by service providers means BCH is not going away anytime soon, which is a positive sign.
There is also over US$1 billion in trading volume accompanying 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 have tried to push up the price of a specific cryptocurrency. With over US$447 million in trading volume, it is evident the Koreans are dictating the Bitcoin Cash price right now. No other exchange volume even comes close, although all platforms are maintaining the same price, with the exception of Huobi.
People who have held onto their Bitcoin Cash tokens will be quite pleased with this news. Given the surge in trading volume, it is certainly possible Bitcoin Cash will surpass US$700 sooner or later. Maintaining that high price will be a big challenge, though, as the Bithumb exchange may see 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 the current value can be maintained, the currency will slowly set higher lows in quick succession. It is also more profitable to mine Bitcoin Cash than Bitcoin right now, by a factor of 6.5%. Rest assured there will be a lot more attention paid to Bitcoin Cash moving forward, as this price trend may only be a sign of things to come in the near future.
