Bitcoin Cash price analysis 27 September: BCH token’s price ascending at rapid pace
The coin's price and trading volumes are skyrocketing.
- Bitcoin Cash's price is surging at the moment as most of the crypto market sees green.
- Trading volumes have shot up since yesterday, rising by two fifths.
- Now-defunct Mt Gox announced that it had recently exchanged bitcoin and Bitcoin Cash for fiat currency.
The price of Bitcoin Cash, the hard-forked cryptocurrency of leading token bitcoin, is pumping right now. At the time of writing, the digital coin's price is trading almost one fifth (19%) higher than it was 24 hours ago.
Bitcoin Cash was trading sideways most of yesterday, its price ranging between US$430 and US$448.
However, during early trade today, the coin's value soared from US$448 to US$520 in just one hour.
At the time of writing, BCH was valued at US$520.86.
24-hour trading volumes have risen by almost two fifths (39%), from US$414 million to US$579 million.
The overwhelming majority of the cryptocurrency market is in the green. XRP (18.86%), EOS (8.62%), Cardano (8.18%), Stellar (7.17%), Litecoin (5.06%), Ethereum (4.65%), Monero (3.01%) and bitcoin (1.79%) are all up.
This is a significant u-turn from the bearish sentiment experienced across the marketplace yesterday.
Embattled cryptocurrency exchange Mt. Gox revealed that over US$230 million worth of bitcoin and Bitcoin Cash was exchanged for fiat currency between March 18-June 22, as part of civil rehabilitation proceedings.
Five years after the giant hack of the now-defunct Japanese exchange, victims have been afforded the opportunity to submit restitution claims and potentially have some or all of their funds returned. Last month, rehabilitation trustee and attorney-at-law Nobuaki Kobayashi, on behalf of Mt. Gox, announced that past exchange users can now file rehabilitation claims via a new online system operating on the company's website.
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