As the cryptocurrency market enters the last week of January, the behavior of tokens have also seen a change as some coins are in the green while others are still bleeding. The sporadic movement has been ongoing for quite some time now, with cryptocurrencies like Bitcoin [BTC], XRP and Bitcoin Cash [BCH] all suffering the same fate, until today.
On January 23, Bitcoin Cash saw a resurgence with the prices steadily going up. At the time of writing, BCH was rising by 7.06%, with a total market cap of $2.295 billion. The cryptocurrency was trading for $129.85 and had a 24-hour market volume of $276.262 million.
The chart showed that over the past 24 hours, Bitcoin Cash had climbed from a bottom of $119.94 to reach a peak of $130.42, before settling at its current price. The Chaikin Money Flow indicator on the chart also points to a significant spike, a sign of the massive amounts of money coming into the market during the price rally.
The total trade volume of BCH was majorly split between three exchanges: LBank, Huobi Global and P2PB2B. LBank had a grasp on $22.821 million worth of BCH trade while Huobi Global and P2PB2B saw BCH transactions worth $35.191 million taking place on the platform.
Bitcoin Cash has been in the news multiple times over the last few weeks, mainly due to updates and comments from its proponents. Roger Ver, the Chief Executive Officer of Bitcoin.com and one of the most vocal supporters, had recently announced that Bitcoin.com’s wallet will receive its update soon.
The news had also rallied users of the wallet, one member even listing out the features needed in the update – spend and replace built right into the wallet, strong privacy thanks to Coinshuffle, and improving the transaction creation, signing, and broadcasting speed.
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