Bitcoin cash price hovers around $500 as trading volume exceeds $1bn

Bitcoin Cash has fallen in today’s trading, but it’s one of the best performing digital currency in the top 10 over the past 24 hour, according to data from cryptocurrency tracker Coinmarketcap. The Bitcoin offshoot, which was created on August 1, after a split in the original cryptocurrency’s blockchain, closed yesterday’s session at $527.88, down from an intraday high of $550.41. It continued to lose momentum today, which led to a drop below $500 in early trading. Still, after a modest increase in the afternoon, the Bitcoin Cash price is again testing the $500 level.

Bitcoin Cash has seen a significant increase in market activity, which has been mainly driven by South Korea’s Bithumb exchange. The cryptocurrency’s 24-trading volume currently stands at just over $1 billion, which is second only to Bitcoin’s $1.4 billion. Bithumb accounts for 55% of that volume, while South Korean rivals Korbit and Coinone further the dominance of the Korean won, by capturing 7.4% and 5.4%, respectively.  Europe-based platform HitBTC actually comes in second place with 11.5%, mostly thanks to its BCC/BTC trading pair.

In today’s trading, the Bitcoin Cash price stood at $502.42, as of 17:50 BST. The cryptocurrency has gained 2.8% over the past 24 hours, according to data from Coinmarketcap. Its total market capitalisation currently stands at $8.34 billion, which makes it the third largest cryptocurrency on the market.