The Bitcoin Cash price (BCH/USD) has broken through the $200 barrier for the first time since late December, outpacing a rather bullish Tuesday crypto market.
BCH is currently the best performing major cryptocurrency, having gained more than 18% over the past 24 hours. Like many of its crypto peers, the digital coin experienced a strong boost in the opening hours of the session, which allowed it to break above the $180 mark for the first time in over three months. The coin spent the next few hours hovering just above the $180 level, but resumed its advance in the early afternoon. This second uptick sent the Bitcoin price to as high as $203.70, its highest level since December 24. The coin has pulled back to lower levels in more recent trading and is currently trading at just below $200.
Bitcoin Cash’s rally has been supported by strong market activity. According to recent data from digital currency tracker Coinmarketcap, just over $1 billion BCH tokens have changed hands over the past 24 hours. This is well above the $465 million generated during the Monday session.
In other BCH-related news, Roger Ver, the chief executive officer of Bitcoin.com and a staunch supporter of Bitcoin Cash, recently said on Twitter that more physical stores in Japan accept BCH than the original Bitcoin (BTC).
Bitcoin Cash was forked off of BTC in August 2017, as a subset of the Bitcoin community decided to pursue a separate vision for the original cryptocurrency, based on enabling much larger block sizes than BTC is capable of supporting.
In today’s trading, the Bitcoin Cash price stood at $199.46, as of 16:34 GMT. The digital coin has gained 18.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $3.5 billion, which makes it the sixth-largest digital currency on the market.