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Over the past 24 hours, Bitcoin Cash (BCH) has increased by approximately 12%, from $ 425 to $ 477 before the hard range.
On November 2nd, CCN announced that Bitcoin.com and Binance had decided to support the Bitcoin Cash version presented by ABC, the original developers of the BCH software that created the Bitcoin Lock Chain Network last year. .
At the announcement of Bitcoin.com and Binance, the price of Bitcoin Cash went from $ 425 to $ 460, to reach briefly $ 470. Since then, the BCH price has risen from $ 460 to $ 477, with significant momentum and volume
The volume of BCH, which has remained below $ 200 million after ripple (XRP) over the last two weeks, has increased to $ 471 million, almost double the volume of XRP.
Why has BCH started to increase again?
On November 3, Coinbase issued a statement to its investor, revealing its support for Bitcoin Cash's original Bitcoin Cash Roadmap. Over the next two weeks, Coinbase, the world's largest crypto-imitation exchange, said it would take appropriate measures to evaluate the network and support BCH.
"Twice a year, Bitcoin Cash network (BCH) network forks are part of the scheduled protocol upgrades. The next decisive stage of the BCH is scheduled for November 15, 2018 and Coinbase is ready to take over the roadmap published by bitcoincash.org. However, unlike previous BCH groups, there is a competing proposal that is inconsistent with this published roadmap. "
Historically, major cryptocurrencies such as BTC and Ethereum have tended to increase in value before the publication of a fork, with investors in the original chain being rewarded with the newly created cryptocurrency, based on on a 1: 1 ratio.
For example, in August 2017, when BCH formally developed the Bitcoin network, investors in BTC were rewarded with the equivalent amount they had in BTC.
BCH's price increase over the last 24 hours is mainly due to two factors: growing support for Bitcoin Cash's published roadmap and the expected distribution of the new Bitcoin Cash fork to existing BCH investors.
The volume still concerns
According to Eric Thies, Cryptocurrency Technical Analyst, during the previous major corrections, the cryptocurrency market did not show such a low level of volatility until the end of the year. accumulation.
In the last two months, mainly due to the low volume of the market, the main cryptocurrencies have remained relatively stable in a low price range.
"Historical 1-week volatility levels (by CMC) did not reach that trough in 2014, until they entered the accumulation phase. Surprisingly, volatility has not reached its lowest point until the price already reaches + 155% compared to the low trend, "Thies m said.
Although the three-month stability of the BTC price could lead to a strong short-term recovery by the end of the year, the small volume of large digital assets could make it more difficult for the market to initiate a move to the rise.
Featured image of Shutterstock. TradingView Charts.
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