After several bearish sessions, the crypto market is in the ‘green’ for two consecutive days now. Most of the cryptocurrencies have been gaining today after the Fed’s decision that came on Wednesday. In line with other market movers, Bitcoin Cash (BCH), an electronic cash system, saw its price surge by over 22% on Thursday morning.
What Is Bitcoin Cash (BCH)?
CoinMarketCap, a popular crypto price tracking website, defines Bitcoin Cash as:
“A peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). In the same way that physical money, such as a dollar bill, is handed directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another.”
Bitcoin Cash serves as an alternative to the oldest and largest cryptocurrency, Bitcoin (BTC). However, it is much cheaper and faster compared to the crypto behemoth.
Bitcoin Cash Price Performance
Bitcoin Cash price today was up by 22.68% and traded at $144.33 at the time of writing on Thursday, July 28, 2022. The market capitalization of the BCH token stood at $2.7 billion, up by 22.60%. In addition, the 24-hour trade volume of the crypto skyrocketed by a whopping 268.72% and was at $706.79 million. This trade volume figure is also the highest since July 15, 2022. Earlier the volume would range from $200 million to $400 million. Very rarely did it cross the bracket and reached $500 million or $600 million.
The BCH crypto recorded a 1-month peak of $147.57 today. However, this figure represents a huge drop of 73% from its year-ago value of $547.8. The token had earlier dropped below the $115 mark during the recent crypto crash sessions in the past and current week. Bitcoin Cash (BCH) saw a hike on Wednesday, July 27, 2022, that started at a price of $121.62 and extended to over $145 today.