The recent rally of prices has seen an upward movement
The recent rally of prices has seen an upward movement in the crypto space and most of the cryptocurrencies saw green in the last 24 hours. While the majority of the tokens gained between 3-6 percent in their prices including Bitcoin, the most phenomenal rise has been for Bitcoin cash.
Bitcoin cash gained almost 18% in the last 24 hours taking its prices above $155. The recorded surge saw the prices of BCH touch $160 for the first time since January.
Apart from BCH and BTC most of the top-10 cryptocurrencies were in green including ETH making a surge of 7% for the day moving near the $145 mark, while Ripple which has been challenging the second spot of Ethereum for quite some time could not bank on the recent rally and only moved by 3 % taking its prices to $0.320.
What is the Reason Behind BCH beating Bitcoin?
while its quite a norm that Bitcoin usually govern the market trends and its price fluctuation are reflected on most of the altcoins in the market. However, the case was different during the recent surge, where the BCH token faired the best by rising up to 18% in the last 24 hour.
The probable reason for such a surge is being attributed to the ton of development work going on the BCH blockchain. Apart from the addition of support for the decentralized application, the developers on the network have been also involved in the tokenization.
The SLP tokens have become quite a rage in recent times for the decentralized space where the developers have created several SLP token based tipping bots for a number of platforms including Telegram.
The BCH blockchain has been gaining a ton of positive cover and many believe that the token has the potential to take over Bitcoin as a medium of exchange, which is true to quite an extent as the altcoin is not just scalable and have a faster processing speed, but it also charges a minimal fee for the transactions on the network.
Final Thoughts
The recent green in the crypto market is a positive sign for the days to come, as the longest crypto winter in 2018 has made the market bleed more than 80% of the market valuation. Many analysts and trade pundits have predicted the next bull run to take charge in the latter half of 2019, however, if the bulls arrive earlier I won’t be complaining.