Bitcoin cash price surged USD 1091 in the past 24 hours and was trading at $850 at the time of this post. The market cap of Bitcoin Cash briefly crossed $18 Billion. The price has been up more than 70% from its price of $543 just 24 hours ago.
Most of the volumes are being driven from the Korean market and the overall volumes are up by almost 300 percent. The crypto has been on the run since 3 days now and was trading at $ 300 just a week ago.
Bitcoin cash has been establishing a stable base and has the third largest market cap at the moment.
Bitcoin cash charts show a clear breakout in the past 3 days and considering the past trends, it is difficult to predict when this would stop. The coin has certainly become more profitable to the miners as compared to Bitcoin, which has been stable in the past few days and has been hovering in the $3950-4300 range.
Another factor contributing to the surge is the fact that more exchanges are now allowing trade in Bitcoin Cash. This gives easy accessibility to the investors globally to trade and invest in the crypto.
While it remains to be seen whether bitcoin cash can attract widespread exchange and miner support to develop its own economy, it seems that it just might be in the process of doing so.
Source of charts – CoinMarketCap