After months of poor performance in the market, the price of Bitcoin Cash (BCH) rose past $1, 000 for the first time since late March. Bitcoin News reports that the good performance of the coin represents a rise of about 75% since the start of the month when it was trading at $610. By the time of going to press, Bitcoin Cash (BCH) was trading at around $1,069.
As is the norm in the market, when Bitcoin core prices surge, it triggers a spike in other cryptos and the rise in the value of Bitcoin Cash (BCH) is not a surprise to many crypto enthusiasts.
While the Price of Bitcoin ore has risen, BCH is rising at a faster rate.
Bitcoin Cash started to rumble on Wednesday, the 17th, when it gained more than 10% in 24 hours – placing it among the top-performing markets. In the days following, BCH continued to gain momentum, with Coinmarketcap estimating that BCH has gained in value by over 37% in just 7 days.
End of the Tax Season
Analysts associate the recent surge in prices to the end of the tax season in America. Gurus like Tom Lee of Fundstrat had predicted that crypto prices will rise after the end of the tax season and BCH has taken Lee’s prediction seriously.
Bitcoin Cash has become a favorite for many crypto enthusiasts due to its fast transactions, low transaction costs, super fast confirmation and a steady network. Factors that analysts have associated with the sudden rise in its value.
Attention From Many Quarters
In the past, Bitcoin core has been the most analyzed and discussed coin but the tide is turning. A couple of days ago, CNBC through its Fast Money program made a case on why people should consider Bitcoin Cash in their buy items.
Brian Kelly, the show presenter, argued that Bitcoin Cash and Bitcoin Core always trade together following one another up and down. Kelly argued that while most people prefer trading using Bitcoin core, Bitcoin Cash has withstood the pressure and is poised to perform well in the market in the near future.
The show argued that when majority of people started to sell in panic, majority of whales saw an opportunity to accumulate their volumes. Mr. Kelly explained,
We’ve got a potential breakout coming. We’ve got increasing volume,
Following the massive gain in value, there is greater change in volumes in the market. Asked about which Bitcoin is the “real” one, core or cash, Kelly had advice for crypto enthusiasts; just buy low and sell high rather than concentrating on which is real or not – after all they are all Bitcoin.
Do you think Bitcoin Cash price surge will continue in future? Let us know in the comments section.