The Bitcoin Cash hard fork is not for another week, but Bitcoin Cash continues to outperform. CoinMarketCap shows the cryptocurrency appreciating 10% over the past 24 hours.
This one of a number of surges which have taken place since Binance announced their support of the hard fork last Friday. Price has since increased from around $420 to $620, and almost 48% increase. Coinbase has also gone on to announce their support of the hard fork since. This is rushing buyers into the market to obtain Bitcoin Cash so that they will receive the fork of the coin in a 1:1 ratio on supported exchanges. Price has been rapidly increasing to facilitate these buyers.
How many of these buyers are overpaying for Bitcoin Cash is unknown. If the fork is largely valuable, it may be worth paying the price. The Bitcoin Cash hard fork from Bitcoin turned out to be largely valuable for Bitcoin holders. It represents a large risk however as most forks turn out to be failures and trade with a low value.
After the initial rise, price action traded relatively flat for the day but continued over the past 24 hours with the 10% appreciation. Price has since started to slow its rise, but this could be followed up by another large surge with another week to go until the hard fork.
- Bitcoin Cash’s current bull run was catalyzed by the support of its hard fork being announced by Binance last week.
- Several more exchanges have announced support for the hard fork since Binance, and this has spurred on more buyers of Bitcoin Cash.
- There is another week to go until the hard fork so further increases are very possible but whether traders will be overpaying is still unknown. It definitely represents a risk.
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