Today, Bitcoin Cash went over the $1,000 mark by gaining about 19 percent value in comparison to Bitcoin’s 3.39 percent rise. The upcoming BCH hard fork and gaining mainstream attention surely worked in BCH’s favor.
BCH price up by 19%, reaches $1,075 USD level
It’s a good day for the cryptocurrency enthusiasts! The entire crypto market is experiencing green. It’s been at the end of last month when Bitcoin touched the $8,500 mark. But where Bitcoin got a rise of about 3.39 percent, Bitcoin Cash is flying high by smashing through the $1,000 mark with approximately 19 percent surge in BCH price.
Since March, it’s the first time that BCH has tested the $1,000 level. At the beginning of April, Bitcoin Cash was at a low of about $604 and now at $1,082, since then it has gained more than 78 percent. When measuring from the all-time, the market is approaching the 23.6 percent Fibonacci retracement area.
By looking at the BCH/BTC markets, it can be seen that Bitcoin cash is making some significant gains over Bitcoin. In comparison to the approximately 4 percent gain of Bitcoin, Bitcoin Cash is well over 15 percent. Recently, the BCH/BTC markets broke above but then bounced off it that indicates the gains of BCH over and above BTC are likely to continue in the short term.
An imminent BCH hard fork
For the past few days, the news of Bitcoin Cash hard fork has been doing the rounds that are certainly working in the favor of BCH. Though the entire crypto market is having a surge, the news of BCH hard fork on May 15 is helping in boosting its prices.
This hard fork will have an upgrade of the consensus rules of BCH through its new software i.e. Bitcoin ABC 0.17.0. The aim is to upgrade the size of Bitcoin Cash blocks up to 32mb.
CNBC’s Brian Kelly talks about BCH
Brian Kelly of CNBC recently made his case about one cryptocurrency, Bitcoin Cash. He talked about how BCH and bitcoin core usually trades together, then describing BCH being in the Monty Python Zone. He said it is crushed bit it ain’t dead yet.
Kelly took to the charts to talk about the $790 value of the virtual currency that is moving towards an all-out resistance level from a supporting indicator. Furthermore, he stated in the short term, BCH volumes were spiking that signals a change.
It all started on Wednesday when BCH price rose 10 percent in about 24 hours and now today, it secured gains in double digits while plowing through $1,000 level.
Do you think the upcoming BCH hard fork of Bitcoin Cash will drive its prices to $2,000? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.