The fourth by the capitalization of the Bitcoin Cash (BCH) crypto currency for the last 24 hours has grown by more than 18%.
Data: CoinMarketCap
Currently, this crypto currency is traded around $ 520; Bcash's capitalization exceeds $ 9.1 billion.
Source: fxstreet
As can be seen in the graph above, the nearest resistance levels are at $ 530 and $ 560. At the same time, there is a probability of a short-term correction to $ 500 due to the exit of the price from the overbought zone.
One possible reason for the rapid growth of BCH against the backdrop of a stagnating market is the receipt by the Gemini exchange of approval from the New York regulators for listing this crypto currency.
"We have already received regulatory approval for the BCH listing. However, the launch date has not yet been announced. We will certainly let everyone know when the coin becomes available for trade, " Gemini representatives said.
However, some experts are convinced that the main driver of Bcash price growth is the submission of Bitmain official application for an IPO .
"This jump is definitely caused by the filing of Bitmain's request for an IPO ," said eToro senior analyst Mathie Greenspan.
As you know, the head of the Chinese company Cihan Wu is an apologist for the most famous fork of bitcoin. Moreover, the Chinese giant Bitmain is a large holder of Bitcoin Cash . Also, a significant part of the mining equipment of this company is involved in the production of BCH.
Earlier, BlockchainJournal reported on the confrontation among Bitcoin Cash developers .
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