Bitcoin Cash Soars 20 Percent After Announcing Upcoming Fork Supported by Binance

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Photo Credit: Smartereum

The crypto markets have so far enjoyed some significant movement with the majority of the top 20 coins enjoying some gains including Bitcoin Cash that spiked to almost 21 percent on the day.

Bitcoin Cash, the fourth top crypto assets by market cap enjoyed a growth of 21 percent which saw the price of the altcoin grow from $473 to as high as $573. This is a significant move as it represents the highest trading point for the altcoin in over a month. On a weekly outlook, the fourth top cryptocurrency is up by almost 30 percent. Many have attributed the spike in price to the recent hard fork announced by the company with Binance also stating that it would support the fork.

While the majority of the top crypto assets are enjoying a nice run, Bitcoin has so far suffered some losses. As at the time of putting together this report, the leading cryptocurrency by market cap is down by almost 0.4 percent and trading at $6,327. Its weekly outlook shows that Bitcoin is down 2.2 percent.

Ethereum (ETH) seems to be doing well as it is up by almost 1.5 percent in the last 24 hours. At the moment, the second leading crypto by market cap is trading at around $203. While Ethereum is doing well so far, a look at its weekly outlook suggest that it is down by 0.7 percent

Ripple (XRP) like most of the top cryptocurrencies is seeing similar gains as it is up by 1.3 percent and currently trading at $0.46. And despite suffering some losses last week, Ripple seems to be up by 0.8 percent in the last 7 days

Having dropped to as low as $201 billion over the week; total market capitalization for the crypto market has seen some significant rebound and currently sit at $209 billion. In fact, daily trading volume has seen a huge spike from $10 billion to around $13 billion.

With Bitcoin Cash announcing its hard fork slated for Nov. 2., major crypto exchange, Binance has released reports stating it would support the upcoming hard fork. The exchange alerted its users that deposits and withdrawal of Bitcoin cash will be temporarily suspended from Nov. 15.