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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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Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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