Bitcoin Cash jumps above $550

Omkar Godbole FXStreet Contributor

Bitcoin Cash [BCC] extended Thursday’s rally to $559; the highest level since August 2.

Prices jumped from $300 to $451 yesterday, marking an end of a week-long congestion around $300 levels.

The currency currently trades around $516 levels; up 73.94% over the last 24 hours as per coinmarketcap.com. The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade through its Korean won-Bitcoin Cash trading pair. The volume on Bithumb has gone up by 38.39%.

The surge in volumes adds credence to bullish break out on the BCC chart. The currency was created earlier this month after Bitcoin “forked” into two distinct blockchains with their own freely-traded digital assets.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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