Bitcoin Cash (BCH) has been the only major altcoin that has been able to keep pace with the flagship cryptocurrency, Bitcoin (BTC), on Monday.
The fourth-largest cryptocurrency had a disappointing session yesterday, despite starting off the day strongly. The coin rose to an intraday high of $828.39 in the morning, but after defending the $800 mark for several hours, it final gave up in late trading. Bitcoin Cash finished the day at $784.39, below its opening level of $789.69.
Bitcoin Cash continued to decline in the early hours of today’s trading, with its price hitting an intraday low of $778.65. However, the coin’s performance has improved significantly since then, with its price surging to as high as $871.47, according to data from digital currency tracker Coinmarketcap.
BCH may have benefited from the strong performance of its older sibling, Bitcoin. The No. 1 cryptocurrency surged during the morning session, breaking above the $8,000 mark for the first time in two months. The digital coin hit an intraday high of $8,315.52 in more recent trading, which was also its highest price level since May 22. Some have suggested that the rise have been driven by hopes that the US Securities and Exchange Commission (SEC) may approve the creation of a Bitcoin exchange-traded fund (ETF) next month.
While both Bitcoin and Bitcoin Cash have pulled back to lower levels in recent trading, they remain the best-performing digital coins in the crypto top 10. As of 14:27 BST, the original cryptocurrency was trading at $8,178.40, having gained 6.4% over the past 24 hours. Meanwhile, the Bitcoin Cash price stood at $861.41, up 5.9% from the same time yesterday. BCH currently has total market capitalisation of $14.8 billion, while BTC boasts a $140-billion market cap, representing 47.1% of the total value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.