At present, the crypto market is enjoying the green days, meanwhile, Bitcoin regained its momentum and hit the $5,000 level. On the other hand, Bitcoin Cash skyrocketed to $303.67
Bitcoin Cash has been the undisputed leader of the current bull run and successfully entered in the top 10 cryptocurrencies.
According to coin market cap, Bitcoin Cash is currently trading at $303.67 USD And BTC with market cap value $5,377,874,794 USD and ranking 4th position. At present Bitcoin Cash traded 19.72% higher against the U.S. dollar and 16.85% against BTC during the 24 hour period.
On 2nd April, the currency made rapid gains, with an increase of 28 % and the trading value of nearly $160. At the end of the day, the trading volume tripled to hit $210.
The next day, i.e on 3rd April, BCH price picked up where it had left off, with a rise of 58% and reach $340 by the end of the day. However, this is the highest price till now in 2019.
Moreover, the volume has also escalated tremendously. The Kraken exchange trading volume with BCH is 305.5. Whereas, Polonix continues to be the largest contributor to the BCH with trading volume 358.51.
But, the BCH momentum has stepped down a bit and at press time, the currency was trading at $317. Earlier, it had dipped to $292, but it quickly rebounded to trade once again above $300.
So, Why Has BCH Price Skyrocketed in the past Few Days?
While few crypto experts and enthusiasts believe that it’s just following the leader, Bitcoin. But, apart from this, there are few factors that led to a sharp increase.
Firstly, BCH enhanced their Simple Ledger Protocol [SLP], which allows developers to create new tokens that can be traded on bitcoin cash’s blockchain.
Secondly, bitcoin cash futures, trading on Kraken, a US-based Cryptocurrency Exchange, acquires Crypto Facilities. Basically, the crypto facility is a regulated platform based out of UK, it is one of the only platforms that facilitates physically settled futures contracts for altcoins like Bitcoin cash, XRP, and Litecoin.
How much do you think the price of BCH will keep increasing? Let us know your thoughts in the comments below!