The Bitcoin Cash price (BCH/USD) has hit a near two-month high above $600 following a big surge that occurred in today’s afternoon trading.
The fourth-largest digital currency on the market saw a strong uptick in yesterday’s afternoon trading, with its price rising to an intraday high of $578.23. However, the digital coin lost its momentum toward the end of the session and eventually gave up almost all of its earlier gains. Bitcoin Cash finished the session at $558.47, just slightly higher than its opening level of $557.72.
The largest Bitcoin offshoot had a relatively uneventful morning session on Tuesday and it looked as if the afternoon would only bring more of the same. However, the situation changed dramatically in recent trading, as the coin saw as unexpected spike that helped its price top the $600 mark for the first time in nearly two months. At the time of writing, the Bitcoin Cash price was hovering around the $605 mark, according to data from digital currency tracker Coinmarketcap.
Bitcoin Cash has seen a big increase in trading volume in the past few sessions. Its daily trading volume reached $1.45 billion on Sunday, more than tripling the volume generated in the preceding session. In addition, BCH posted just over $900 million of volume yesterday, while recent market data shows that around $940 million worth of BCH tokens have changed hands over the past 24 hours.
This is happening ahead of the November 15 Bitcoin Cash hard fork, which is set to introduce scheduled upgrades to the BCH protocol. Unlike previous forks of the same nature, 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.
Last week, Binance, the world’s largest crypto exchange, and Coinbase, the biggest US crypto exchange, issued separate statements, declaring that the upcoming fork would be supported on their respective platforms. Coinbase 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 Cash price currently stands at $604.72, as of 15:34 GMT. The digital coin has gained 7.3% in the past 24 hours.