The recent positive movement of the crypto market has inspired an upward price movement of Bitcoin Cash (BCH). Over the last three days, Bitcoin Cash has recorded significant growth, consequently approaching stronger support levels for the virtual currency.
Before cryptocurrencies began rallying behind the bull, Bitcoin Cash traded at lows of $424. Raking in gains of almost 40% between the 2nd and 4th of November, BCH hit highs of $586, before receding below the $540 support level.
However, as at the time of this writing, Bitcoin Cash is witnessing positive movements in the market. BCH is currently trading at $562.75 with a market cap of $9.82 billion, moving closer to consolidating at the $570.
Reaching the $570 support level would be a huge boost for Bitcoin Cash which is preparing for a hardfork on the 15th of November. On the other hand, failing to reach the $570 support level before the bears kick in will see BCH recede to the $550 support level, which may not play out well for Bitcoin Cash as it prepares for its hardfork.
Bitcoin Cash to Perform Hardfork on November 15
The spike Bitcoin Cash experienced between the 2nd and 4th of November has been strongly linked with the announcement of the hardfork date. Bitcoin Cash announced it would be performing the hardfork on two different blockchains, which will give birth to two BCH coins.
The fractioning of Bitcoin Cash is due to the fall out between two factions (NChain and Bitcoin ABC) with different thoughts on how Bitcoin Cash should function. The idea of having two different coins after the planned hardfork has increased the purchase of Bitcoin Cash, while individuals who have BCH are increasing their holdings.
The division present in the Bitcoin Cash community has sparked a bit of uncertainty about the future of the virtual currency. Although this problem lingers around Bitcoin Cash, two of the world’s leading cryptocurrency exchange have announced that they will support the planned hardfork of cryptocurrency.
Binance and Coinbase to Support the Upcoming Bitcoin Cash Hardfork
Binance, the world’s largest crypto exchange has announced that it would be supporting the upcoming hardfork of Bitcoin Cash. Not long after the Binance announcement, U.S based crypto exchange, Coinbase announced it will also be supporting the upcoming hardfork of BCH.
Asides supporting the hardfork and token swap, the American startup also announced that it would also be supporting future trading of the forked Bitcoin Cash (BCH). Binance and Coinbase are not the only exchanges supporting the BCH hardfork, in fact, BitMEX takes it a step further.
BitMEX Lunches ForkMonitor Ahead of the Bitcoin Cash (BCH) Hardfork
To be able to support the bi-annual hardfork of Bitcoin Cash, foremost cryptocurrency-to-cryptocurrency mercantile exchange have launched a ForkMonitor.
The ForkMonitor was launched by the Hong Kong-based crypto exchange to provide a smooth experience for its users as the November 15 hardfork of BCH would be carried out two different blockchains.