Bitcoin Cash (BCH) picked up some steam early in the year, and things continued to look positive, with the cryptocurrency seeing a $9-billion increase in value in just 10 days. The new price represented a 90% increase over previous trading.
On February 8, BCH had a market cap of a little more than $16 billion; as of Friday, February 16, it had climbed to $25.64 billion with the digital currency being valued at just over $1,523. It enjoyed a huge bump in price last Thursday, going from $951.57 to $1,284 in less than 24 hours and seeing $2.2 billion in tokens being traded in the same period, leading to an increase in total value of $5.4 billion. The trend continued on Friday as the trading volume ended the day at $1.1 billion.
The rally of the world’s fourth-largest cryptocurrency (by market cap) was the biggest among the top 10 digital currencies last week. It came after reaching a low of $764 on February 6. While the market generally has seen rebounds of virtually all coins, none, with the exception of Litecoin, has performed as well. For its part, Litecoin has increased in value by 110% since February 6.
Part of the performance jump came after decentralized marketplace OpenBazaar and payment system BitPay recently added support for the coin. It’s possible that BCH will reach as high as $2,100 in the near-term, and results from a bearish-to-bullish trend in trading, despite its current falling channel status, which it was designated for having lower highs and lower lows.
OpenBazaar just began accepting BCH about three weeks ago. It made the decision to include BCH, as well as Zcash, after the increased network fees of legacy Bitcoin (BTC) proved to be a hindrance for transactions based on other coins. Previously, users could fund their wallets with an assortment of cryptocurrencies, but they were all still resolved against BTC.
BitPay made the move to incorporate BCH at the end of last year. It also made the decision based on the high transaction fees associated with BTC, and because of an increase in network congestion on the BTC chain. BTC’s transaction fees have recently increased to around $20, resulting in many companies quickly integrating support for other currencies.