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Markets

Bitcoin Cash Breaks Price Doldrums to Push Past $400

Bitcoin Cash's price rose above the $400 mark today, breaking the rangebound market trend of the past several days.

By Ash Bennington
AccessTimeIconAug 17, 2017 at 8:25 p.m. UTC
Updated Sep 13, 2021 at 6:50 a.m. UTC
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Bitcoin Cash's price rose above the $400 mark today, breaking the rangebound market trend of the past several days.

The cryptocurrency climbed as high as $406 today, according to data from CoinMarketCap. The move followed days of steady market fluctuations, with the price of Bitcoin Cash trading no more than a few dollars above or below the $300 level.

The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade through its Korean won-Bitcoin Cash trading pair, CoinMarketCap figures show. The exchange reports more than $145 million in volume over the past 24 hours.

At press time, Bitcoin Cash is trading at about $391 on Bithumb. 

As previously reported by CoinDesk, Bitcoin Cash split off from the main bitcoin blockchain earlier this month when a group of miners and developers moved to adopt software, with new network rules, that was incompatible with the rest of the network. The result: bitcoin "forked" into two distinct blockchains with their own freely-traded digital assets.

Today's upward price action comes just hours after bitcoin reached a new all-time high above $4,500. 

Rollercoaster image via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.