The Bitcoin Cash price (BCH/USD) has topped $1,400 after posting massive gains in the past 24 hours.
The fourth-largest cryptocurrency on the market has more than doubled its price over the past 10 days, thanks to bullish comments from one of the most prominent crypto investors, as well as growing excitement over an upcoming hard fork that aims to increase BCH’s maximum block size to 32 MB. On Sunday, the cryptocurrency rose to as high as $1,250.51, before pulling back to close at $1,201.22. This was the coin’s first close above the $1,200 mark since early March.
The Bitcoin cash price saw another sharp increase in today’s morning session, which allowed it to surpass the $1,400 barrier for the first time since February 21. The digital coin rose to an intraday high of $1,424.39, before pulling back slightly in more recent trading. According to data from cryptocurrency tracker Coinmarketcap, the Bitcoin Cash price is currently hovering around $1,390.
Bitcoin Cash’s latest surge may have been partly driven by recent news that Bitpay’s point-of-sale (PoS) mobile app now supports BCH payments.
As reported by Bitcoin.com yesterday, Bitpay’s Checkout PoS app has recently been updated to allow buyers to pay with BCH in retail stores accepting the cryptocurrency. The app allows clients to generate payment codes on their handsets and send them to a merchant’s mobile device. The merchant will then be able to store the payment in more than 150 currencies. Bitpay also said that it also intends to introduce Bitcoin Cash settlement so that merchants could be able to keep their proceeds in BCH.
In today’s trading, the Bitcoin Cash price stood at $1,385.48, as of 10:45 BST. The cryptocurrency has gained 18.7% in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at $23 billion.