Bitcoin Cash price surges to its highest levels since late August

The young cryptocurrency stages a strong rally just days before major network update

Bitcoin Cash price surges to its highest levels since late August

Bitcoin Cash price (BCC or BCH) has surged past the $700 level after gaining more than 25% in the last 24 hours. The cryptocurrency, which was created through a hard fork on the legacy Bitcoin blockchain, gained some strong momentum toward the end of yesterday’s session, rising to an intraday high of $670.14. The coin also notched up its highest close in more than two months at $654.30.

The rally accelerated in today’s morning session, with the cryptocurrency hitting $786, its highest price level since August 20. At that time the Bitcoin Cash craze was still going strong, with the coin having reached an all-time high of over $1,000 the day before.

The cryptocurrency is enjoying strong market activity, with trading volumes of just over $1.8 billion. South Korea’s leading cryptocurrency exchange Bithumb accounts for nearly half of all BCH trades in the past 24 hours, while the Hong Kong-based Bitfinex exchange captures 12.4%.

Hard fork approaches

Meanwhile, Bitcoin Cash is just days away from its first major network upgrade. Scheduled for November 13, the upgrade will seek to replace BCH’s current difficulty adjustment algorithm with a new solution, designed to reflect meal-time mining activity more accurately. The new algorithm will be based on a 144-block moving average, meaning that the difficulty will be adjusted on each block, based on the amount of computing power provided to the network over the previous 144 block. The changes, which will be implemented by way of hard fork, have been positively received by the Bitcoin Cash community.

In today’s trading, the Bitcoin Cash price stood at 786.51, as of 09:21 GMT. The digital coin has gained 25.7%, according to cryptocurrency tracker Coinmarktcap.

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