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Bitcoin Cash [BCH] skyrockets by 18 percent as bulls takeover collective market

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Flash Hike: Bitcoin Cash [BCH] skyrockets by 18 percent as Bulls takeover collective market
Source: Pixabay

Bitcoin Cash [BCH] saw a massive price spike, following weeks of sluggish movement. This massive double-digit rise came as the collective coin market shot up from $135 billion to $141 billion in a matter of hours, with all major coins awash in a sea of green.

The Bitcoin hard fork led the bullish charge, being the sole double-digit gainer in the top-20 coins. This rise will provide added impetus to BCH proponents, as the coin had not seen an isolated rise of this proportion for months, and was riding on the coat-tails of the overarching coin market.

The coin was trading around the $130 mark, since 24 February, with a drop to $125 being the lowest price of the coin for over a month. Following this recent upswing, BCH shot up to breach $160 for the first time in over two months.

Source: Trading View

Bitcoin Cash last soared over the $160 price-point on 10 January, following which the market shaved over $20 billion and dropped down to $117 billion, and then to $111 billion, the lowest valuation point for this year.

The coin saw a brief increase by 4.65 percent on 14 March, as a precursor to the massive rise as the week ended. At 0700 UTC on March 15, Bitcoin Cash was priced at $133.42, and shot up by 9 percent to $145.43 in eight hours. From 0030 UTC, the coin pumped from $144.32 by 11.32 percent, to reach $160.69 in a matter of three hours. At press time, the coin had skyrocketed against the US dollar by 18.11 percent over 24 hours, and was trading at $157.71.

In terms of market cap, Bitcoin Cash’s valuation was stagnant at the $2.3 billion mark, prior to the rise. The first bullish wave added over $120 million to the BCH charts and the second saw the coin touch $2.52 billion by 1600 UTC on 15 March. Bitcoin Cash then added another $300 million to reach $2.83 billion by 0330 UTC on 16 March, its highest valuation since January. At press time, the coin’s market cap was valued at $2.78 billion, ahead of Binance Coin [BNB] by $620 million, and behind EOS [EOS] by over $700 million.

LBank took the top spot for BCH trading volume, accounting for 13.4 percent of the global trading volume in the BCH/USDT trading pair. Huobi Global and UPbit followed, holding 12 percent and 4.63 percent in the trading pairs BCH/USDT, and BCH/KRW.

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