Bitcoin cash, a derivative of Bitcoin has become the top gainer for the day after surging by 12.8% in the past 24 hours.
The asset due to its impressive performance has become the top gainer among the first 100 leading cryptocurrencies today.
At the time of writing this report, Bitcoin Cash (BCH) was trading at $449 after surging by 12.8% in the last 24 hours with a 24-hour trading volume hovering around $544 million according to CoinMarketCap data.
The crypto asset has a market capitalization of $8.99 billion making it the 16th largest crypto asset on the list of the top 100 crypto assets curated by CoinGecko.
What is Bitcoin Cash
Bitcoin Cash is a derivative of Bitcoin created in 2017 following disagreements within the Bitcoin community regarding proposed updates. Bitcoin Cash is a hard fork of Bitcoin that operates a Proof of Work (POW) mechanism with its supply capped at 21 million tokens.
Bitcoin cash just like Bitcoin undergoes a halving event every four years with the reward for mining the asset currently set at 6.25BCH.
A significant distinction between Bitcoin and Bitcoin Cash is the block size. Bitcoin Cash supports a block with a higher number of Data, unlike Bitcoin which is capped at 1mb. This enables Bitcoin Cash to process a higher number of transactions.
Why is Bitcoin Cash Surging in Price?
Bitcoin Cash which was the top gainer in the market today surging by over 12.8% in value is benefitting from the redistribution of Bitcoin and Bitcoin Cash by Kraken to Mt. Gox creditors recent. This is followed by a significant whale activity on Bitcoin cash spotted by onchain tracker FishTheWhales.
A trading analyst known as Dz_4L highlighted on X that Bitcoin Cash has emerged from an inverse head and shoulders pattern, suggesting a bullish trend. He predicts that BCH could see a further 15–20% price increase based on this momentum.
Other factors leading to the surge in Bitcoin Cash price at the moment could be a rub off effect of the Bitcoin conference in Nashville which witnessed a lot of Pro Bitcoin pledges and positive forecasts for the crypto asset.
What to Know
- A hard fork in cryptocurrency is a change in a blockchain’s programming that creates a new Blockchain and cryptocurrency. Bitcoin cash is a hard fork of bitcoin.
- The Global market capitalization of all cryptocurrencies is currently at $2.58 trillion with a 3.0% surge in the last 24 hours.
