The Bitcoin Cash price (BCH/USD) has hit its highest level in more than three weeks, thanks to a major spike seen in today’s trading
The fourth-largest cryptocurrency saw some losses toward the yesterday’s session amid a larger downtrend that affected many of its major rivals, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). A slow start to today’s trading suggested that the cryptocurrency could be in for another lacklustre performance, but the situation changed dramatically toward the end of the morning session, when the Bitcoin Cash price suddenly saw a sharp increase, rising to $838.04, its highest level since March 29. According to data from cryptocurrency tracker Coinmarketcap, the price is currently hovering around $829, which is still significantly higher than yesterday’s closing level of $757.59.
Brian Kelly, founder and chief executive officer of cryptocurrency investment firm BKCM, said yesterday that the Bitcoin offshoot might experience a breakout soon.
"Bitcoin cash has been left for dead," Kelly said yesterday on CNBC’s TV programme “Fast Money”. “Maybe it's mostly dead, but it's not dead yet.”
Kelly pointed to the coin’s increase volatility in the past month and increased volume as indication of its potential to grow.
"Those are the first things traders look at, that I look at, to say, something might be changing here," Kelly said. "If we get that breakout, you're looking at higher moves."
"I would be buying the dip," he added.
Bitcoin Cash has seen significant improvement in terms of trading volume in today’s trading. According to recent market data, just over $470 million worth of BCH tokens have been traded in the past 24 hours, significantly more than the $331 million generated on Tuesday.
In today’s trading, the Bitcoin Cash price stood at $830.19, as of 12:55 BST. The digital currency has gained 6.6% in the past 24 hours and its total market capitalisation currently stands at $14.1 billion.