Bitcoin Cash (BCH) is the best performing cryptocurrency in the top ten, according to data from Coinmarketcap.
While most major digital currencies like Bitcoin, Litecoin, Ripple and Ethereum, are posting either modest gains or small losses over the 24-hour period, Bitcoin Cash is bucking that trend with a gain of nearly 20%. This is mainly due to a large spike that earlier today saw the Bitcoin price increasing by more than $200 in less than two hours. At the time of writing, the price was hovering around $1,215, up from yesterday’s close of $957.96.
The most recent market data suggests that Bitcoin Cash’s price gains are supported by strong market activity. BCH’s 24-hour trading volume currently stands at $1.9 billion, which makes BCH the third-most traded cryptocurrency, behind Bitcoin and Ethereum. Nearly two thirds of all trades have been generated by OKEx, the peer-to-peer trading platform of Chinese company OKCoin.
In other Bitcoin Cash news, it was revealed yesterday that OpenBazaar, the decentralised marketplace, had added support for the Bitcoin offshoot and the privacy-focused cryptocurrency ZCash. OB1, the startup that oversees development of the marketplace protocol, indicated that the move was driven by customer demand for more payment options with lower transaction fees than Bitcoin.
“With the rise in Bitcoin network fees in 2017, it became clear that OpenBazaar users needed support for cryptocurrencies with fees that are more suited for small to medium sized transactions ASAP,” the company said in a blog post. “This release is the first step towards allowing more options for cryptocurrencies in OpenBazaar.”
In today’s trading, the Bitcoin Cash price stood at $1,214.58, as of 14:28. The cryptocurrency has gained 19.5% in the past 24 hours.