Bitcoin Cash's Value, Volume Skyrocket In 72 Hours
It is believed that investors are accumulating BCH in large numbers.
Bitcoin Cash Peaks At $535
Bitcoin Cash's value has now risen by 15% to trade at $535. The price development coincides with a fork scheduled in two weeks time. On Saturday, Bitcoin Cash had soared by 12% to trade at $477. The short time growth is attributed to the biggest fiat brokerage by ABC and Coinbase.
In a statement, Coinbase stated that the BCH network hard fork is behind the development. Coinbase said that they are ready to back the published guideline by BCH.
After peaking at $535 up from $477, Bitcoin Cash's trading volume grew by four times in a short span of just 72 hours. On Thursday, the trading volume of BCH hovered around $200 million by Sunday it stood at $980 million At the moment, Bitcoin Cash's trading volume is close to catching up with Ripple’s XRP. XRPs trading volume peaked in the middleof last month when Ripple Labs hinted that they are gearing up for a major deal with a bank.
The deal in question was with Banco Santander. The Spanish bank will deploy XRP as the base crypto for its new banking mobile application. However, the trading volume of XRP has been on a downward trendline since the same time the bitcoin price started declining.
At the moment, traders are acquiring more bitcoin cash so as to reap big returns from the hard fork. We expect to have two chains of Bitcoin Cash when Nchain forks the BCH hard fork slated to be released on November 15. The current holders of Bitcoin Cash will be given an equal amount of the latest bitcoin cash chain.
Previously, the BCH volume was mostly in Asia. However, at the moment, it is made up of buy orders on various exchanges. Some exchanges like Binance have stated that the accumulation of Bitcoin Cash is in preparation for the upcoming hard fork.
On the gain list, some other cryptos have joined Bitcoin Cash. Cardano and Stellar have also recorded gains ranging between 2 to 5%. On the other hand, BAT has begun a free fall since being listed on Coinbase. A review of the market in the last 24 hours shows that the token had lost by 1.5% with an $18 million representing the market volume.
On the positive side, Bitcoin has maintained its value around the $6,350 while Ethereum stands at about $200. The two largest cryptos are expected to remain solid in the next few days.