Bitcoin Cash (BCH) has spiked almost 25% in the last days. This is due to the fact that the network will experience a hard fork in the next weeks. Trading volumes have also spiked reaching $1.4 billion dollars in the last 24 hours.
Bitcoin Cash Experiences a Bull Run
The popular cryptocurrency Bitcoin Cash seems to be in a new bull run. Back on November 2nd, BCH was traded close to $420 dollars. A few hours ago, BCH reached $584 dollars per coin. This represents an increase of almost 40% in just a few days.
This price movement is very important for the market. Cryptocurrencies have been operating in a bear trend during the last months, and the sentiment was very negative. Investors started to pay attention to Bitcoin Cash because on November 15 it will experience a new hard fork.
Investors are trying to profit from this situation. BCH holders will be receiving an equivalent amount of the new coin created from the Bitcoin Cash chain. This price action experienced by Bitcoin Cash during the last days can also be compared to other hard forks in the past.
When Bitcoin Private was created ZClassic grew 9500% in just weeks. Bitcoin Private was a fork of Bitcoin and ZClassic. At the same time, when Bitcoin Cash forked from Bitcoin, the second one also experienced an important price increase the previous weeks.
Most of the volume related to Bitcoin Cash was from Asia. The most active exchanges in terms of trading volume were OKEx, Binance and Huobi. As explained before, investors are trying to store as many BCH as possible to receive more coins from the new forked coin.
The new hard fork will be backed by different cryptocurrency trading platforms, including Binance. Binance is the second largest crypto exchange in the world. According to CoinMarketCap, Binance handled $772 million dollars in the last 24 hours. The most important trading pairs at the exchange are BCC/BTC, BTC/USDT and BCC/USDT.
The BCH community is discussing what will happen with the new fork proposals by Craig Wright and Bitcoin ABC. One thing is clear, speculators are expecting to profit from this hard fork as it already happened in the past.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.