After a month-long bearish trend which saw the crypto markets bleed out in excess of 80% of the total market cap, the bulls have finally taken the charge. Most of the cryptocurrencies rose over its resistant mark and gained some momentum upwards.
The biggest gainer in the past 24 hours is Bitcoin Cash by making a surge of 28.9%. A couple of days back, BCH fell prey to the Bear attack and lost its spot to Ethereum in terms of market cap. Now it has regained the sixth spot back all thanks to the surge in last 24 hours.
The last 24-hour BCH Market Behaviour
At the time of writing, BCH was trading at $114.01 and Ethereum at $102, thus overtaking Ethereum as the third largest crypto in terms of trading price. BCH network has seen a massive rise in trade volume worth $290 Million. The growth has been consistent for a week and if we look at the weekly charts, BCH has shown a growth of 14.87% in the past week and 1.60% rise in the last hour.
After the infamous mid-November fork, the market went on a downslide all thanks to the unnecessary war of words between the two Forked coins, BCH ABC and BCH SV. The initial battles over hash power generated, the number of blocks mined or the market cap, BCH ABC easily dominated the BCHSV network for long. The community of exchanges even declared their outright support for BCH ABC network and decided that ABC network would be simply known as BCH.
However, everything changed on the 6th of December when the news of Lawsuit filed by United Group against RogeVer side came to light for manipulating the Hard-Fork. The BCH network saw a downward spill which made it lose its market position to both BCHSV and Litecoin, barely managing to stay in the top-10 spot.
Litecoin creator Lee has predicted earlier that his LTC would eventually overtake BCH which also came true, but the happiness was short lived.
Before the Hard-Fork on November 15, people were expecting for a great Christmassy Crypto just like 2017, when the BTC touched the $20,000 mark. However, things kind of went haywire from thee and people went on to make claims like Bitcoin is dead and crypto is just a bubble. However, looking at the past 24 hours major cryptocurrency has been on the rise. It might not be as Christmassy as a crypto enthusiast would have been hoping a couple of months back, but still, since the bulls have finally got an upper hand after a long time, anything upwards is as Christmassy as it can get at this point.