Bitcoin Cash, the sixth largest cryptocurrency in the world, surged after Bitcoin.com announced the introduction of a new peer-to-peer exchange, Local Bitcoin Cash.
Unlike most cryptocurrencies, Bitcoin Cash was not exhibiting sideways movement. The bull rally for Bitcoin Cash started in March 2019, when the price was $125 and the market cap was $2.27 billion.
The price rose by approximately 31% between 12 and 23 March, 2019, a massive pump considering the bear market and the performance of other altcoins. The price pumped by approximately 9.24% after the announcement of the P2P exchange.
At press time, the cryptocurrency was priced at $164.50, and the market cap was $2.94 billion. P2PB2B contributed a whopping $36 million in 24-hour trading volume via the trading pair BCH/BTC and $23 million via BCH/USD.
With the launch of the new exchange, users will be able to directly exchange BCH in a private manner. According to Bitcoin.com, the exchange will have three important features that will set itself apart from other crypto exchanges. The article stated,
“Firstly, privacy will be of utmost importance for Local Bitcoin Cash users. Secondly, the platform will provide end-to-end user side encryption; a system of communication where only users can read and decrypt their messages. Finally, just like our popular noncustodial Bitcoin.com Wallet, the peer-to-peer Local Bitcoin Cash exchange will be secure as the service never touches your funds.”
Further, the exchange will also allow a multitude of payment options, allowing users the option to see who is buying or selling so that “offers” can be considered.
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