Bitcoin Cash [BCH] was in the limelight after it experienced a sudden hike in prices on Thursday. The coin was up by 20% and over $1 billion was added to its market cap. Speculations surrounding the surge in BCH prices focused on mining giant Bitmain’s IPO filing. Experts suggested that since Bitmain held massive reserves of Bitcoin Cash, a part of the money from the multi-billion dollar fundraising will likely be used for the development of the cryptocurrency.
After the price hike, Bittrex, a U.S.-based crypto trading platform, announced the launch of USD market for Bitcoin Cash. The exchange had previously decided to provide USD markets for several altcoins including Litecoin [LTC], Cardano [ADA], TRON [TRX], XRP, Ethereum Classic [ETC], and ZCash [ZEC].
On October 3 we’re launching a US dollar (USD) market for Bitcoin Cash (BCH).
— Bittrex (@BittrexExchange) September 27, 2018
The addition of Bitcoin Cash could potentially lift the trading volumes of Bitttrex, which have begun to diminish in the bearish market. The revival of Bitcoin bull market can trigger increased trading on the platform.
Another notable fact is that Bittrex’s BCH/USD decision came after crypto exchange Gemini announced that it would soon list Bitcoin Cash. However, the platform did not disclose the exact launch date. A Gemini listing, according to many, will probably trigger a bull run for BCH prices. ZCash, one among the top 25 coins in the crypto market, gained over 40% in the market after it was listed on Gemini a few months back.
We announced during the Litecoin Summit that we would be launching LTC support on October 13th. We’ve already received regulatory approval to list BCH but haven’t announced a launch date as of yet. We will be sure to let everyone know when BCH is available for trading!
— Gemini (@GeminiTrust) September 26, 2018
BCH is currently trading at $537.7 and is rising against USD by 3%. The prices are struggling to trade above the current resistance level, traced at $566.
Image via Shutterstock
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