Since it started trading more than 24 hours ago, the product of the recent Bitcoin fork, Bitcoin Cash (BCH), has spiked exponentially by 9,378%.
Within 15 minutes after the first BCH block was mined, the total capitalization of the cryptocurrency market grew by $9 billion to a total of $100 billion. 75% of the main growth was connected with the trading volume in the altcoin market.
Source: Coin Market Cap
Bitcoin Cash hits $750
Recently, we saw the birth of Bitcoin Cash, and its price climbed higher slowly and steady against the US Dollar and Bitcoin. The upward trend was such that the price moved past $400, $500 and even $750. A high was formed above $800. Later, the price crumbled down, and there was a break below the $350 price range.
The largest number of transactions within Bitcoin Cash (BCH) were identified with BTC/USD, BTC/CNY, BTC/EUR and BTC/JPY. Bitfinex registered a 24 hour trading volume of 22,800 BTC which was accounting for 34% of all USD transactions. If we combined the top 5 US exchanges we would be sitting at roughly $140 million being exchanged into Bitcoin Cash, while the top two Chinese exchanges traded 49,500 BTC ($133 million).
At the same time, Bitcoin continued to tread sideways. It is still unclear whether it will make a move higher or retreat to the previous nearby support levels.