Bitcoin Cash proved to be a bit of an exception as when all other cryptocurrencies were benefitting from minor upward movement, its price surged up, recording substantial gains in two straight days. This push brings it to trade at 482.77 USD, while experts say that a further uptrend of 500 USD, may not be a very wayward expectation. It may be assumed that the networks’ upcoming hard fork is generating this positive buzz.
While Ethereum and Bitcoin are still downcast, if not mildly struggling, Bitcoin Cash is stepping on that gas pedal to rise spectacularly.
It is rather interesting to see how select cryptocurrencies mount a somewhat solid comeback during these market conditions. According to CoinMarketCap BCH records a 3.98 per cent hike at press time, with it currently occupying the 4th position by market cap.
It has to be kept in mind that on the 15th of November, Bitcoin Cash is supposed to face a hard fork which is a major change to the protocol that transforms previously invalid blocks/transactions invalid ones, or vice-versa. For BCH users, this means that they will have to access the new fork’s coins, as long as it is supported by their wallets. More information regarding this event is slated to be released in the next week or so.
Coinbase, recently also provided a statement regarding Bitcoin Cash’s impending hard fork. It so seems that they have plans to support the alterative currency as well in order to give users access to these tokens, even after the fork is completed. This is a surprising and uncommon move for such a company, but it is likely to heighten the demand for BCH manifold, as the fork date inches closer.
However, as of now, it seems that BCH will be able to ride this momentum, at least for some time. Maintaining its current trading price of 482 USD will be a tough challenge, given the general condition of the market.