Bitcoin Cash Price Jumps 68%; BCH Dominance Hits 2.6% of Global Market
Bitcoin Cash (BCH) lead the major altcoin market on Thursday as the coin underwent a 68% growth spike in less than a twenty-four hour trading session.
Trade volumes for BCH rose 130% across the day, and gave BHC some considerable pull over the broader market, as BCH ‘dominance’ climbed to 2.6% – up from 1.3% earlier in the week.
Bitcoin Cash Price – BCH/USD
When BCH dropped to a price of $75 just last weekend (Dec 15th) it marked the lowest valuation both in terms of dollars and satoshis in the history of the coin’s seventeen month existence. Even adding the lost value from the hardfork that went to the Bitcoin Satoshi Vision (BSV) blockchain still left BCH at all-time lows.
Following that milestone, it all turned around and BCH went on a day-on-day growth surge that lead to 165% growth in around five days, fuelled by a 1,816% boost to trade volume.
As of Thursday the growth hadn’t slowed: BCH climbed a further 68%, from $119.21 up to $200.43, as per the peak recorded on the Binance BCH/USDT market. Today alone trade volumes for the coin rose 130%, climbing from $0.5 billion to $1.15 billion.
The original Bitcoin also fared well for the day, climbing as high as $4,200 before a slight pullback. Bitcoin trade volumes also soared to $8.5 billion, up from $3.6 billion a few days ago.
But such was the weight of the BCH surge that the serial-forker found its market dominance reaching 2.6% – almost a third that of Ethereum, and more than Litecoin (LTC), Dash (DASH) and Monero (XMR) combined.
Bitcoin Cash’s $200 peak was short lived, and eventually gave away over 12.5% as it fell back below $175, however trade volumes remain steady at $1.1 billion.
Bitcoin Satoshi Vision – BSV/USD
The ‘other Bitcoin Cash’, BSV, or Satoshi Vision, also fared well at the markets, climbing 40% in value from $85.12 up to a price of $119.52. Trade volumes doubled throughout the day as BSV benefitted from major interest from Korean markets, with over 28% of trades coming from the BSV/KRW pair.
BSV’s turnaround has been just as stark since last weekend, gaining over 80% on its value in that time. The coin is now 219% better off than it was at the end of November, when it was still touch and go regarding whether BSV was going to survive the hash war, and the bear market it occured in.
The combined value of both coins taken at their peak today actually reveals an asset that has recovered more of its value since November than most other major altcoins – a boost for BCH holders who didn’t dump their BSV too soon.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.