The Bitcoin Cash price (BCH/USD) has surged past the $500 mark thanks to a strong rally that dominated most of yesterday’s trading.
The fourth-largest digital currency on the market hit a near two-month high of $586.04 following a strong rally that saw its price rising by as much as 22.4% on Sunday. The rally cooled down in late trading and Bitcoin Cash finished the session at $560.18. Still, this was well above the coin’s opening level of $478.54.
While BCH has seen some difficulties today, the coin has so far managed to defend its Sunday gains. Bitcoin Cash had a slow start, falling to an intraday low of $538.86 in the morning session. However, the coin resumed its upward movement and was able to recoup its losses in subsequent trading. At the time of writing, the Bitcoin Cash price was hovering around $570, according to data from digital coin tracker Coinmarketcap.
Bitcoin Cash’s rally came just a couple of days after Binance, the second-largest crypto exchange in the world, announced that it would support Bitcoin Cash’s upcoming hard fork.
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC),” the company said last week.
Bitcoin Cash’s network hard-forks twice year as part of a schedule to implement protocol upgrades. The next fork is scheduled to take place on November 15 and this time there will be a competing proposal from a blockchain group called NChain. This could lead to two BCH chains existing independently from one another.
US exchange Coinbase also declared support for the chain last week. It also said that in the “unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain”.
In today’s trading, the Bitcoin price stood at $572.82, as of 13:47 BST. The digital coin has gained 4.7% in the past 24 hours, Coinmarketcap data shows.