The Bitcoin Cash price (BCH/USD) has hit a three-week high, following a strong Wednesday session, in which it gained more than 15%.
While the fourth-largest cryptocurrency had a slow start to yesterday’s session, its performance improved dramatically in the late morning session, when its price surged past the $800 mark. The digital coin experienced another big jump later in the session, which put its price within striking distance of the $900 level. Bitcoin Cash hit an intraday high of $893.57, before eventually closing the session at $888.91, up 17% from its opening price of $758.25.
Today the cryptocurrency has traded mostly sideways, although it saw a small uptick earlier in the session, which allowed it to hit its highest price level since March 28 at $894.43. At the time of writing, the Bitcoin Cash price was hovering around its Wednesday closing level.
The Bitcoin Cash price rally may have been prompted by bullish comments, made by one of the more prominent figures in the crypto investment space. Brian Kelly, founder and chief executive officer of cryptocurrency investment firm BKCM, told CNBC on Tuesday that he anticipated that Bitcoin Cash might have a breakout looming. Kelly pointed to the coin’s increased 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 on CNBC’s TV programme “Fast Money”. "If we get that breakout, you're looking at higher moves."
Bitcoin Cash posted daily trading volume of $634.6 million yesterday, nearly doubling its Tuesday trading volume.
In today’s trading, the Bitcoin Cash price stood at $888.22, as of 10:28 BST. The digital currency has gained 7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.