Fourth capitalization the Bitcoin Cash (BCH) in the last 24 hours has increased by more than 18%.
Currently, this cryptocurrency is trading around $520; Bcash capitalization exceeds $9.1 billion.
As you can see on the above chart, the next resistance levels are at $530 and $560. Then there is the potential retracement to $500 due to the price to exit the overbought zone.
One possible reason for the rapid growth of BCH on the background of a stagnating market is receiving exchange Gemini approval from new York regulators for the listing of the cryptocurrency.
“We have already received approval of regulators for the listing BCH. However, the launch date is not yet announced. We will definitely let everyone know when the coin will be available for trading”, — said the representatives of Gemini.
However, some experts believe that the main driver of growth rates Bcash Bitmain is the filing of a formal application to the IPO.
“This leap is definitely caused by Bitmain filing of the application for IPO”, — said a senior analyst at eToro Mattie Greenspan.
As you know, the head of the Chinese company Jihan Wu is an apologist for the most famous fork of bitcoin. Moreover, the Chinese giant Bitmain is the largest holder of Bitcoin Cash. Much of the mining equipment of this company involved in the extraction of BCH.
We will remind, earlier ForkLog reported confrontation among developers of Bitcoin Cash.