Bitcoin Cash Price Climbs 11% to Hit 2-Month High

Sebastian Sinclair
Nov 6, 2018 at 22:55 UTC
Updated Nov 6, 2018 at 22:57 UTC
markets

The price of bitcoin cash rose more than 11 percent on Tuesday, pushing its price to a new two-month high.

Market data shows that the cryptocurrency’s price has risen 30 percent since Sunday, and is currently trading at roughly $623. Bitcoin cash is the fourth-largest cryptocurrency by market capitalization, CoinMarketCap data shows.

The price of BCH was trading hands at $425 before surging 32.5 percent, where it reached a then-peak of $588 on Nov. 5, clocking a 5-week high in the process when it was later confirmed, according to Coinbase exchange data.

The market developments come as bitcoin cash prepares for a hard fork – or backward-incompatible code change – on November 15, this time involving two different implementations: Bitcoin ABC and Bitcoin SV. The cryptocurrency was originally created by way of a hard fork off of the original bitcoin network after the scaling debate boiled over last year.

 

BCH’s price boost makes it one of the top-performing cryptocurrencies of the day, based on information from crypto-data sources OnChainFX and CoinMarketCap.

Other top performers for Tuesday include XRP, which hit a one-month high earlier in the day (it has since risen above $0.50 apiece as of press time) and Stellar lumens, which has climbed more than 8 percent in the past 24 hours. On Tuesday, wallet service provider Blockchain announced that it would give away $125 million in XLM as part of an airdrop for its customer base.

As of the time of writing, the total market capitalization of all cryptocurrencies is up more than $6 billion on a 24-hour basis, reaching a 22-day high of roughly $218 billion.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Business chart miniature image via Shutterstock; charts by Trading View 

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.