Bitcoin Cash – another version of Bitcoin that was born in August this year out of the first hard-fork in Bitcoin is currently witnessing a huge surge in its value following a strong interest and heavy volumes flowing in out of Asia.
The value of Bitcoin Cash surged by 25 percent in past recent days closing in near to the $400 mark. The week-on-week increase in the price is also registered at a 24 percent increase.
While born as a result of the hard-fork in Bitcoin on August 1 2017, the Bitcoin Cash was awarded to all the investors holding Bitcoins which helped to have a huge investor base from the very start which provided an incentive to push it to new highs.
As a result, the initial investor participation and hype surrounding the Bitcoin Cash was very high which pushed its value to an all-time-high of $970 in August after which it collapsed to its lowest price-point of $280 recently on Oct. 9.
While looking into the details of the latest surge in price, it seems that the rally has been pumped up by huge volumes coming from South Korea. Bithumb, one of the largest South Korean exchanges registered an increase of 41% in its volumes. However, having witnessed a huge volatility in such a short period of time, it remains to be seen that how long can Bitcoin Cash survey this increase or will this turn out to be just another pump-and-dump show.
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