Bitcoin Cash (BCH) Price Rallies, Boosted by Bitcoin (BTC)
BCH rose both in BTC prices and in dollar valuations, breaking out to a new price range.
Bitcoin Cash (BCH) was a long-sleeping altcoin displaying stagnant prices before Tuesday’s rally took the valuations to a new price range. BCH exploded both in dollar price and against Bitcoin (BTC), becoming one of the altcoins where BTC funds flowed in.
BCH traded at $251.98 as of 6:30 UTC on Wednesday, on trading volumes of $2.4 billion in the past day. The coin also rallied to 0.05 BTC, still far from the peak levels around 0.15 BTC and above, set during previous rallies. The asset is yet to recover the $400 range, lost since the November 15 hard fork.
BCH is one of the coins that charts significant inflows from BTC, Tether (USDT), as well as fiat in US dollars, to the tune of $205.7 million in 24 hours, as shown by Coinlib data. The bulk of BCH activity is happening on the LBank exchange, as well as FCoin and Binance, as Cryptocompare shows.
The rapid rise of BCH comes after a ticker change and a significant shakedown of traditional BCH markets. Now, the asset is entering a new stage of price discovery following last November’s hard fork.
Along with BCH, Bitcoin SV (BSV) also saw a boost of activity, and became one of the few assets to rise both in BTC and dollar valuations. BSV rose to $84.18, also rising by 14% in BTC prices to 0.014 BTC. BSV trading volumes are still about five times slimmer compared to BCH.
The recent rise of BTC market prices above $4,700 and as high as $4,900 led to significant price drops in most altcoins. But a handful of assets continued to gain, forming a group of their own. Among those assets was Litecoin (LTC), which once again “flippened” EOS. LTC rose to $81.06 as of 7:20 UTC on Wednesday, charting new temporary highs at 0.016 BTC.
Other coins that were not depressed by the rise in BTC and managed to rally strongly against the leading coin include NEM (XEM) and Augur (REP). Other assets either slid in BTC terms, or market only small gains.