The Bitcoin Cash price (BCH/USD) has so far managed to defend its Tuesday gains and extend its rally a bit further.
The fourth-largest digital currency on the market posted big gains on Tuesday, building on its strong performance in the past few trading sessions. Having opened at $558.55, the coin saw a sharp uptick in the early afternoon trading that allowed it to break through the $600 barrier for the first time in two months. After the breakthrough, Bitcoin Cash continued on an upward trajectory and eventually finished the session at an intraday high of $628.51.
The coin has edged higher in today’s trading, although its rally has started to show signs of slowing down. Bitcoin Cash hit an intraday high of $635.67 in recent trading, which is also its highest level since September 4. At the time of writing, the Bitcoin Cash price was hovering around $630, according to data from digital currency tracker Coinmarketcap.
At the same time, Bitcoin Cash continues to enjoy strong trading volume levels. Yesterday the coin’s daily trading volume reached $958 million, which was significantly more than the $907 million generated in the preceding trading session. According to recent market data, just over $1 billion worth of BCH tokens have changed hands over the past 24 hours, which suggests that today’s trading activity may have been even stronger.
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.
In today’s trading, the Bitcoin Cash price stood at $634.89, as of 13:25 GMT. The digital coin has gained 7.2% in the past 24 hours.