Market Analysis

BCH adds 12 percent before the hard fork, Coinbase announces support

BCH adds 12 percent before the hard fork, Coinbase announces support
Nov 4, 2018 by Rico Wise

Very recently, it was reported that Bitcoin.com and Binance have disclosed their intentions to support the ABC version of Bitcoin Cash client, the initial creators of the Bitcoin Cash software, which forked the blockchain platform of Bitcoin in 2017.

Subsequent to the announcement made by two major digital currency companies, the value of BCH asset jumped from 425 USD to 460 USD, after that, the currency has added another 17 dollars to its value, developing a confident momentum and trading volume. Speaking of the volume of Bitcoin Cash, which was 200 million dollars behind the XRP currency over the past 14 days, it has grown to the amount of 471 million USD, which approximately doubles the Ripple’s volume

Yesterday, Coinbase has made a statement to its financier, revealing uts support for the initial roadmap of BCH provided by bitcoincash.org. Over the following 14 days, Coinbase, the biggest cryptoexchange in the world to support exchange for fiat currencies, declared its intentions to assess the network and support Bitcoin Cash.

Dominant digital currencies, such as Bitcoin or Ethereum, are known for making a price rally before the fork release, due to the fact that financiers of the initial chain receive rewards with the newly created digital currency on a 1:1 ratio. For example, when last year’s hard fork of Bitcoin Cash took place, the financiers of BTC asset received rewards in BCH currency with the same amount of Bitcoin tokens they possessed.

The value increase of the BCH asset over the past day can be explained by two reasons, which are the growing support regarding the disclosed BCH roadmap, and the anticipate distribution of the new BCH fork to the current financiers Bitcoin Cash.

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