The Bitcoin Cash value has experienced a $9bn surge in its total value over the past week, with coins trading at over 90% more than they were 10 days ago.
According to CoinMarketCap, Bitcoin Cash (BCH) increased considerably from Thursday the 8th of February, when it had a market cap of $16.1bn. As of 16:00 GMT Friday, the coin is now valued at $1,523.35, giving it a market cap of $25,647,517,897: a $9.1bn increase in the coin’s total value.
The first sign of a Bitcoin Cash value surge was on Thursday when the coin jumped from $951.57 to 1,284.56 at close, following increasing interest from investors, with a total $2.2bn BCH tokens being traded in the space of 24 hours. This led to a total $5.4bn increase in the crypto’s value, which was boosted by a further $800m on Friday when the coin’s trading volume came in at $1.1bn.
The coin has staged a significant rally since it reached lows of $777 on the 6th of February increasing by well over 94% in the ten days since; BCH has not traded at $777 since the 10th of November, meaning that it had been at a near 3-month low.
Bitcoin Cash, which forked from the Bitcoin blockchain in August 2017, is one of the biggest beneficiaries following the restoration of market confidence in cryptocurrency. The only other coin to increase even further is Litecoin, which was trading 110% higher than when it had on the 6th of February.
This follows the upcoming release of LitePay which will allow LTC tokens to be used for everyday transactions with minimal costs and time lag as well as the announcement that Litecoin Cash will be forking from the Litecoin platform sometime either late on Sunday or very early on Monday morning.
Bitcoin Cash, the fourth largest coin, has a maximum supply of 21bn tokens; presently there are 16.9bn BCH in circulation.