Bitcoin Cash price surges 75% in 24 hours

on Aug 18, 2017
Updated: Mar 11, 2020

The Bitcoin Cash has skyrocketed over the past 24 hours, in the wake of the creation of the first ever 8MB block on its chain.

The event happened on Wednesday, when mining pool Bitclub Network mined block #479469, which cleared 37,000 transactions from the mempool and became the largest block on the Bitcoin Cash network. 

The event followed other recent positive developments for the young cryptocurrency, such as technical improvements, reduced mining difficulty and growing support from digital wallet providers. The coin even received an endorsement from Swiss private bank Falcon Group, which earlier this week decided to include Bitcoin Cash, Litecoin and Ethereum in its recently-launched cryptocurrency asset management service.

In addition, some commentators suggested that the original cryptocurrency might be headed for a new fork in the near future, which provided additional fuel to the Bitcoin Cash rally.

The combination of these factors allowed the new digital currency to finally break out of the $275-325 range in which it had been trading over the past few days. Bitcoin Cash has gained 75 percent over the span of the past 24 hours, which allowed it to surpass Ripple (XRP) in terms of total market capitalisation. Bitcoin Cash currently ranks as the third-largest cryptocurrency on the market, behind Bitcoin and Ethereum.

In today’s trading, the Bitcoin Cash price stood at $523.83. It’s total market capitalisation jumped to $8.64 billion. The coin’s 24-hour trading volume has also increased significantly and is now just over $1.83 billion, according to data from Coinmarketcap.