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.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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