The forked crypto has seen impressive uplifts in price over the last day or so, which at points added up to a valuation three-times higher that it was a week ago.
Bitcoin Cash (BCH) has seen a sharp ascent in its worth over the last week, breaking the $200 barrier at points on Friday.
The CryptoCompare Index price for BCH peaked out at around $231 at in the early hours of Friday (GMT), a high-point that represented an impressive 203% uplift from where it bottomed out at around $76 on December 15th. Bitcoin Cash (Bitcoin ABC, if you prefer) then peaked again just under that price-point around 9am Friday morning, before retracing back to previous support around the $175 mark.
At the time of writing, it stands at roughly $195 – still an impressive performance, even against the short-term gains the crypto market in general has seen in the last few days.
By way of comparison, Bitcoin’s December 21st 7-day high of $4,247 contrasts against a December 15th low of $3,169 – marking a 35% gain over the same timeframe.
While that’s an impressive price boost, looking at longer term performance for context we see that Bitcoin Cash is worth roughly half of what it was pre-fork (mid-November), and worth less than a third of what it was at points in the early days of that month. So Hodlers of the newly-forked currency are still fairing badly, as – with the other half of the split currency, Bitcoin SV, currently priced at around $110 – the price of the two new coins created by the parting of the ways are still a way off what their market value was as one entity. While all cryptos have suffered losses in the time since the Bitcoin Cash ‘Hash War’ dominated headlines, it’s fair to say that quite a few observers have placed at least some of the blame for that downturn at the door of the warring factions.
The boost in interest over the last few days has elevated Bitcoin Cash (BCH + BAB) to the number three spot in terms of daily volume, with total trading sitting at around $900m over the last 24 hrs. That’s roughly 38% of the total volume generated by Bitcoin (BTC), which leads the pack. 50% of the BCH volume today has been created by trading of the Tether pair – with 70% of that trade distributed in a fairly even split between Binance and LBank. BTC pairs were responsible another 30% of the volume pie, with the USD pair taking another 10% slice.
The real question, though, is what is driving this spike in Bitcoin Cash’s price. Well, while rumours abound – and many fingers point towards a vested interest that may see value in inflating the price of BCH with a pump scheme – nothing is close to being proven. However, nothing organic or news-driven appears to be driving the resurgence interest either, at present. So it remains to be seen whether support can hold, or interest dies away again.