Reason Behind Bitcoin Cash (BCH) Price Surge
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Bitcoin Cash (BCH) has seen a sharp increase in price recently. The price increase was due to a popular cryptocurrency exchange, Binance, announcing that they will support the Bitcoin Cash hard fork. After the announcement, the trading volume for BCH has multiplied by 7x from $220 million USD to $1.4 billion USD. During the past three trading days, the price of Bitcoin Cash has steadily risen, up 37%+ outperforming the other top coins. During that same period, Bitcoin (BTC) is only up a few percent; Ethereum (ETH) is up 7%; Litecoin (LTC) is up 14%.
Recent BCH News
Lately there has been other positive news surrounding Bitcoin Cash. Another popular coin exchange, Gemini, announced that they received the regulatory approval for listing Bitcoin Cash (BCH) on their trading platform. Gemini is a New York-based coin exchange owned by the Winklevoss twins. Currently the Gemini exchange only supports Bitcoin, Ethereum, Litecoin and Zcash.
Bitcoin Cash had seen a similar rally back in December when Coinbase listed Bitcoin Cash on their exchange. Listing on a large platform is a catalyst for future growth as the coin becomes more accessible to the public. The anticipation of Bitcoin Cash getting listed on Gemini exchange is another driver for the recent positive trend in price for Bitcoin Cash (BCH). Tyler and Cameron Winklevoss also mentioned that they’re planning to expand Gemini into the United Kingdom in efforts to grow the exchange. Other Bitcoin Cash related news is the announcement of Bitmain’s upcoming IPO on the Hong Kong Stock Exchange. Bitmain owns 1.02 million Bitcoin Cash which is currently valued at approximately $550 million dollars USD.
Cryptocurrency Sector
The cryptocurrency sector overall has shown a positive trend based on the recent trading sessions. All of the top coins are up around 5%+ percent in price for the past 7 days. Investors are getting excited with all the new projects entering the crypto space lately. On October 23rd, Sony CSL announced that they developed cryptocurrency hardware wallet technology. Sony CSL is owned by its parent company Sony Corporation (NYSE: SNE). Also Bitplaza, a new shopping marketplace for bitcoin just launched on Google Play and Apple App Store. The Bitplaza app lets anyone spend bitcoin on physical products and ships worldwide. Another crypto related app Bundil appeared on the hit TV show Shark Tank on ABC and managed to get an investment from Kevin O’Leary only a few weeks ago. The Bundil app allows average people to invest in crypto by tracking daily credit card purchases and investing the remaining change from each transaction directly into cryptocurrency. We also saw some earlier stage projects by crypto enthusiasts such as a Coca Cola vending machine that accepts bitcoin payments as well an electric bicycle that accepts crypto payments for renting. It’s exciting to see the cryptocurrency industry grow with new innovations around every corner. With all the recent projects and developments, cryptocurrency is gaining interest from investors once again.
Overview
Although the cryptocurrency prices declined overall this year, the cryptocurrency industry itself has made a great deal of progress with many new developments helping the ecosystem and building a stable foundation for crypto to thrive. Major corporations are also entering the crypto space gradually as the network is expanding. Some companies are adopting the new digital currency as a form of payment and some companies are even building new technology to help improve the use of cryptocurrency. With all the stuff going on in the industry, investors should definitely be on the look out for a future crypto rally.
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