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Earlier today, on October 29, the price of Bitcoin Cash surged by over 20 percent within a 24-hour span. Several major cryptocurrencies such as Ethereum’s native currency Ether also demonstrated an increase in their values, as the price of Ether rose by another six percent.
Bitcoin Cash Records a Significant Daily Increase in Price
For many months since its launch in August, Bitcoin Cash has substantially declined in value, dipping below $320 at one point. Within the past 24 hours, the price of Bitcoin Cash (BCH) increased from $400 to $522, demonstrating a staggering $122 daily gain. The BCH price has endured a slight correction since reaching its monthly peak and has stabilized at around $460.
In analyzing the factors for the increase in the value of Bitcoin Cash, it is important to acknowledge some of its major exchange markets. Currently, more than 50 percent of global BCH trades are concentrated in one exchange, South Korea’s largest cryptocurrency exchange Bithumb.
According to various cryptocurrency market data providers including CoinMarketCap, three largest
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