Bitcoin Cash (BCH) Returns to Top 5 after Price Recovery

Bitcoin Cash (BCH) has stepped on the path of recovery, continually rallying in the past few days and moving above $100. After a brief period of selling for both BCH and Bitcoin SV (BSV) last weekend, the aggressive trading has stopped. With a current market capitalization of $2.64 billion, BCH has returned among the top five coins, ousting EOS from the fourth place.

BCH is recovering both in price and volumes, which were severely hurt by the split of the blockchain. A rearrangement of markets, tickers, and trading led to a crash in BCH activity, wiping out as much as 40% of the price in one go. Before the November hard fork, the coin traded near the $400 range.

BCH reached $139.49 in the past 24 hours, gaining more than 19% on volumes exceeding $571 million – about ten times the trading seen after the ticker reassignment at the end of November. BSV volumes remain lower at $184 million but growing nonetheless.

Both coins touched yearly lows last weekend, with BCH down to around $75 and BSV as low as $64. But the latest price spike is fueling hopes that BCH will not die as a result of hash wars or attempts to dump the coin. In fact, the recent low prices may have become a significant opportunity for growth in an otherwise stagnant market.

In the past week, BCH also escaped the 0.02 BTC range, climbing up to 0.035 BTC. Despite derogatory remarks, BCH has established itself as one of the solid altcoins, so far managing to displace the BSV version both in terms of price and mining activity.

Despite the current price gains, BCH remains more than 96% below its December 2017 levels and is quite far from its speculative peaks. The latest spike is led by increased Binance trading, where BCH is paired both with BTC and Tether (USDT). Previously, most BCH activity was concentrated on LBank, as per CryptoCompare data, but in the past day, the influence of Binance increased.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

Source: cryptovest.com

Leave a Reply

Your email address will not be published. Required fields are marked *