Bitcoin Cash Gains 25%, A Few Days Before The BCH Hard Fork

11/02/2017 - 13:24 UTC
Bitcoin Cash Gains 25%, A Few Days Before The BCH Hard Fork

Bitcoin makes a lot of news headlines these days, due to its meteoric price growth, but the Bitcoin Cash (BCH) fork also does well regarding price and volume, just a few days before its scheduled hard fork.

Bitcoin Cash, which hard forked from Bitcoin on August 1st, saw its value follow a somewhat declining trajectory since mid-August. The new cryptocurrency had reached $914 on August 19, becoming the third cryptocurrency in terms of market cap, but failed to sustain price growth afterward. Bears prevailed, and the BCH price went as low as 289 dollars on October 9.

BCH price remained steady for the most of October, but the tides changed during the end of the month, with the cryptocurrency reaching $474 on October 29. The first two days of November were even more fruitful price-wise, as the markets saw Bitcoin Cash’s price rising quickly above the $500 mark.

At the moment of writing, one BCH is sold for over $550 in  Korean exchange Bithumb and $530+ in Bitfinex. Overall, there is a bullish 25% increase in the last three days alone.

Bitcoin Cash Price Last 3 Months
Bitcoin Cash Price From Day 1

BCH volume is also surging, with over 1.4 billion dollars of transactions in the last 24 hours. Korean markets are once again taking the lion’s share regarding volume. Bithumb alone has a 50% of volume.

Bitcoin Cash Volume Rising On November
Bitcoin Cash Volume Rising On November

The bull run in Bitcoin Cash markets comes a few days ahead of a proposed hard fork, scheduled to occur on November 13th, 2017 at 2:06 PM GMT. The new hard fork aims to fix the Difficulty Adjustment Algorithm (DAA) in the Bitcoin Cash protocol.

The price increase will undoubtedly please those supporting the hard fork, especially the Bitcoin ABC client development team which recently published its standards for aspired developers. The sharp upswing indicates traders and crypto-enthusiasts buy in Bitcoin Cash as a safe bitcoin alternative against the (almost certain) possibility of a chain-split in Bitcoin because of the controversial Segwit2X network upgrade coming in November 16.


Images: Pixabay, Coinmarketcap

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.