Over the past years, the altcoins market has grown at a breathtaking pace, and during this period, Bitcoin Cash (BCH) has emerged as one of the more popular ones. This week, BCH emerged as one of the biggest gainers in the crypto space and gained as much as 16% in the past 24 hours as altcoins seemed to make a comeback.
It should be noted that 2019 was a pretty disappointing year for altcoins; however, things seemed to have changed for the better in 2020. Much of BCH’s surge took place during a four-hour window, and it goes without saying that crypto traders are going to watch BCH closely over the coming days.
It was a good day in the crypto space on Wednesday, as a lot of money got pumped into the market, and, according to some reports, the total influx of money stood at a staggering $12 billion. Out of that, as much as $1 billion went into Bitcoin Cash. On Tuesday, the token was trading at $375.03, but after the rally, it jumped to $441.09 per token, and that reflected gains of as much as 16%. The market cap of BCH also climbed considerably, jumping to $7.8 billion in the blink of an eye, so to speak.
Fourth Biggest Cryptocurrency
It is a significant development for traders who are into BCH. The latest rally establishes its position as the fourth biggest cryptocurrency in the world, and such a status can eventually lead to a bigger rally in the coming days.
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Investors and traders need to watch the developments closely and also look out for opportunities in other altcoins. The latest rally takes the gains generated by Bitcoin Cash for the month to 91%, and it remains to be seen if it can gather further steam in the coming days.
At the time of writing, BCH is trading at $443.50.
Featured image: DepositPhotos © SergPoznanskiy