Sunday, February 5, 2023

Bitcoin Cash Price Surge Put Other “Big-Cap” Coins to Shame Today

Bitcoin Cash Price Surge Put Other “Big-Cap” Coins to Shame Today

After the bleeding has apparently been stymied from the recent cryptoeconomy crash, big-cap coins like bitcoin and ether stayed steady on Thursday, February 8th, while bitcoin cash (BCH) surged nearly 30 percent. Popular conjecture links the acute boost to Bitcoin Cash’s fresh listing on decentralized marketplace OpenBazaar.

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Bitcoin Cash Seized the Day

Presently hovering around $1,300 USD, the bitcoin cash price exploded up approximately 30 percent over the past day while other top ten coins remained flat or slightly down.

At press time, BCH’s market capitalization has pushed above $22 billion dollars.

Bitcoin Cash

It’s a potent price movement that surely has hodlers of other top ten big-cap cryptocurrencies jealous after the recent crash of global crypto markets has pushed virtually all projects in the ecosystem into oversold — or at least more rational — ranges.

BCH’s acute run had traders everywhere wondering: what gives?

OpenBaazar Listing Suggested as Reason … But Is It?

On February 7th, decentralized marketplace OpenBazaar announced its newfound support for both BCH and Zcash (ZEC). And since Zcash is also up more than 13 percent over the past 24 hours, some cryptocurrency traders have suggested the OpenBazaar listing as the reason for the drastic surge of the bitcoin cash price over the same time span.

Then again, if you look at where the buying volume came from, a much different picture is painted. Over $1 billion dollars in BCH’s daily trading volume came from cryptocurrency exchange OKEx — that’s five times more volume than the closest exchange behind it, Upbit (~$197 million).

From that angle, then, it looks like the bitcoin cash price exploded because buying pressure on OKEx temporarily exploded, as well.

What’s your take? What do you think is behind Bitcoin Cash’s huge move today? Sound off in the comments below.

Images via RT, OKEx

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