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The price of Bitcoin Cash (BCH)—the fourth largest cryptocurrency by market cap—has rallied alongside counterparts Ethereum and Ripple. BCH is now trading at $226, roughly 26 percent higher than where it stood a day ago.
Bitcoin Cash, like its crypto cousins, had fallen into disarray over the past two weeks following negative market effects brought on by the coronavirus pandemic, but it’s now nearly $80 higher than where it stood just six days ago on March 13.
At that time, the currency was trading for a measly $147. BCH had not experienced low notes like that since March of last year, though the currency still has quite a bit of catching up to do to get to its 2020 peak. On February 15, BCH was trading for just under $500. A month later, the asset had lost much of its value.
Like its older sibling, Bitcoin, BCH has a halving scheduled in the coming weeks. While some claim the halving could produce the same bullish results we’ve witnessed with Bitcoin halvings in the past, the results are far from certain. BCH is younger and doesn’t have the same track record when it comes to reducing block rewards. Bitcoin Cash would likely have to expand its market dominance prior to the upcoming halving to produce a comparable outcome.
Nevertheless, the currency is still enjoying a serious uptick following its recent downturn, along with several other top 20 assets, including Tezos (XTZ), which is presently up by 22 percent, and TRON (TRX), which has enjoyed a 16 percent surge since yesterday.