btcwires.com
Bitcoin Cash (BCH) gained more than 24% overnight, starting a series of jumps on Monday around 16:00 UTC. It reached $115.49 on volumes above the equivalent of $283 million. The recovery is still far from compensating for the losses incurred after exchanges awarded the BCH ticker to the BCHABC market. This led to confusion, shrinking volumes, a period of locked wallets, and a steep price dive.
One of the reasons for the speedy recovery in BCH is the Bitcoin (BTC) price, which broke above the $3,700 level on two consecutive days of positive growth. At the same time, a significant portion of BCH trading depends on Tether (USDT). Based on CryptoCompare data, the share of USDT pairs is 29% of all BCH trades. As for the BCH/BTC pair, more than 68% of volumes are concentrated on LBank.
https://twitter.com/tzbakeoven/status/1075213746157568001
In the past day, BCH jumped from 0.0025 up to 0.003 BTC, a small but significant recovery with effect on the dollar price. Previously, BCH had a relatively stable price in BTC terms, moving between 0.01 and 0.017 BTC, but the ratio unraveled later, leaving BCH in a much lower range.
The trading profile of BCH points to it winning the “trading wars” as Bitcoin SV (BSV) has seen a slower recovery, trading at $84.74, or about 5% up in the past day. BSV trades almost exclusively on Binance, with more than 54% of the volumes in pairings with USDT.
The hashrate for Bitcoin Cash, however, has fallen significantly, plunging from above 7 EH/s during the hash wars peak to under 1 EH/s. This is far below the 4-5 EH/s range seen in the past months. Mining SHA-256 has fallen in general for all coins, but the hash wars and subsequent price crash pushed many miners away from the network.
The Bitcoin Cash project remains on a quest to become a widespread form of digital cash, with the CoinText service continuing to expand to new countries and regions. For now, BCH has recovered its position to beat Ethereum (ETH) on price after briefly going as low as $75, under the current ETH levels.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.