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

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

AccessTimeIconNov 6, 2018 at 10:55 p.m. UTC
Updated Sep 13, 2021 at 8:34 a.m. UTC

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 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.