The Bitcoin Cash price (BCH/USD) has moved closer to the $1,000 mark, after posting double-digit percentage gains over the past 24 hours.
The fourth-largest cryptocurrency had another monster session yesterday, rising to an intraday high of $983.58, according to data from digital currency tracker Coinmarketcap. The digital coin eventually finished the session at $968.64, still significantly higher than its opening price of $890.66.
The Bitcoin Cash price resumed its advance in today’s early trading, rising to as high as $994.79. This is Bitcoin Cash’s highest price level since March 24, which was the last time the digital coin’s price was seen above $1,000. The Bitcoin price has pulled back in more recent trading and is currently trading around $980.
The Bitcoin Cash rally was likely triggered by recent bullish comments made by the chief executive officer of BKCM, Brian Kelly. Earlier this week Kelly told CNBC that he anticipated that Bitcoin Cash might have a breakout looming. Kelly pointed to the coin’s increased volatility in the past month and increased volume as indication of its potential to grow.
“Those are the first things traders look at, that I look at, to say, something might be changing here," Kelly said. "If we get that breakout, you're looking at higher moves."
Meanwhile, some investors are probably raising their interest in the coin ahead of a major hard fork that is expected to take place next month. Scheduled for May 15, the software update will introduce several changes to the BCH protocol, the most notable of which is the increase of the maximum blocksize to 32 MB. Bitcoin Cash currently supports a maximum blocksize of 8 MB, eight times larger than one allowed on the legacy Bitcoin blockchain (BTC).
In today’s trading, the Bitcoin Cash price stood at $979.53, as of 09:48 BST. The digital coin has gained 10.3% in the past 24 hours.