Bitcoin Cash price surges as support from service providers grows

on Nov 23, 2017

The Bitcoin Cash price has hit a near two-week high after surging more than 20% in the past 24 hours.

Earlier in today’s trading the Bitcoin offshoot, which came into existence through a hard fork that took place on August 1, reached a price of $1,623.80, its highest since November 12. The price has since retreated to lower levels, but remained comfortably above yesterday’s close of $1,303.31.

The price surge follows a couple of positive developments around Bitcoin Cash. Yesterday, digital wallet service Bitwalla announced that it was finally adding support for the coin. This means that Bitwalla users who had Bitcoin in their wallets at the time of the Bitcoin Cash fork will now receive an equal amount of Bitcoin Cash.

“We are aware that it took us a while to start supporting Bitcoin Cash recovery for our users. We wanted to take the time to ensure the best user experience possible when accessing and recovering Bitcoin Cash, while still maintaining the security of your Bitcoin Cash,” Bitwalla said in a statement, published on its website.

Also yesterday, one of the world’s largest cryptocurrency exchanges, Bitstamp, announced a plan to add Bitcoin Cash to its platform in early December. The move was “in response to the demand we have been seeing for Bitcoin Cash trading (BCH) and as part of our efforts to list more currencies”, the company said.

In today’s trading, the Bitcoin Cash price stood at $1,508.29, as of 13:44 GMT. The coin has gained 21.1% in the past 24 hours, according to cryptocurrency tracker Coinmarketcap. Its total market capitalisation currently stands at $25.3 billion.