Bitcoin Cash Surges 13% in 24 Hours
Bitcoin Cash (BCH) has recorded a notable increase of over 13% in the last 24 hours, positioning itself as the top gainer among the top 100 cryptocurrencies on July 29. At the time of reporting, BCH had surged by 13.6% and was trading at $451, with a daily trading volume of approximately $427 million.
Bitcoin Cash Market Cap and Technical Features
Bitcoin Cash currently holds a market cap of $8.75 billion, making it the 16th largest cryptocurrency by market capitalization. Originating from a hard fork of Bitcoin in 2017, BCH operates on a Proof of Work (PoW) mechanism with a capped supply of 21 million coins. One distinctive feature of Bitcoin Cash is its larger block size, supporting blocks of up to 32 MB, allowing for a greater number of transactions to be processed at a faster pace.
Bitcoin Cash Price Rally and Investor Interest
The recent surge in Bitcoin Cash’s price is attributed to various factors, including increased retail investor interest in more affordable alternatives to Bitcoin. Additionally, Kraken’s distribution of Bitcoin and Bitcoin Cash to Mt. Gox hack-affected customers, as well as notable whale activity in BCH purchases, have contributed to the token’s upward momentum. Analysts predict a bullish trend for Bitcoin Cash, with potential further price increases based on technical patterns and market dynamics.
