Bitcoin Cash [BCH] continues to ride the bull; cryptocurrency’s green run sets up upcoming hard fork

The cryptocurrency market seems to have come out of the bearish slump with several major coins and altcoins riding the bull wave to rise out of the bear’s pit. The past two days, November 3 and November 4, have been quite the silver lining for Bitcoin Cash [BCH], which saw the cryptocurrency rise by double-digit numbers.

At the time of writing, Bitcoin Cash [BCH] was growing by 4.93% and was trading for $540.02. The total market cap of the cryptocurrency was $9.418 billion, with a 24-hour market volume of $1.374 billion. A majority of the cryptocurrency’s trade volume was held by OKEx, with a hold on $168.498 million worth of BCH. OKEx was closely followed by DigiFinex, covering $134.561 million of all the Bitcoin Cash trade.

Bitcoin Cash 24-hour chart | Source: CoinMarketCap

Bitcoin Cash 24-hour chart | Source: CoinMarketCap

Bitcoin Cash had risen to its resistance point of $586.05 on November 4, driving a lot of users and investors to jump on the Bitcoin Cash bandwagon. The cryptocurrency was given a boost recently when Coinbase and Binance, both popular cryptocurrency exchanges, had announced their support for the upcoming Bitcoin Cash hard fork. The Brian Armstrong-led company had said:

“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”

Binance, the world’s largest cryptocurrency exchange in terms of volume, had said that the company will be making an announcement after the Bitcoin Cash hard fork to notify users about the details of the transaction on the platform. Binance had stated:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”

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