Due to the structure of the cryptocurrency market and the losses that followed the long reign of the bears, most cryptocurrencies are scoring increase of 5-10%, but for BCH, one of the cryptocurrencies that was highly victimized by the hash war, daily gains are skyrocketing in an astonishing manner. BCH, the sixth largest cryptocurrency, has been changing the game and giving rival tokens a run for their money since the bull run began.
A look at data from coinmarketcap shows that BCH is the highest grossing cryptocurrency with gains totaling at an outstanding 30.35%, this increase has moved its trading price back to the $100 level, a level that BCH had been struggling to reach for the last four days. The breakout began yesterday when BCH managed to gather some bits of stability after hitting a daily all-time low of $87.59 and closing at $105.20.
Traders who had followed the market consistently did not expect the token to move up by 25.28% in the next 24hrs. Trendlines even birthed analysis suggesting that BCH is likely to lose more than $5 and drop below $100. But seeing that BCH has just surged to 30%, moving its current trading price to $115.70 as of this writing, resistance levels of $120 to $150 are not too high a goal to achieve in the next 24hrs. The last time BCH traded above $110 was on the 9th of December. Even when the token managed to meet that price range the next day, it’s daily all-time high only settled at $110.96.
Stellar XLM is in danger
Traders from Upbit are not slowing down as they top the list to become the highest traders with trading volume of BCH/KRW pairs accumulating up to $38.84 million. At this point, Stellar XLM might be outplayed if the events of today close in BCHs favor. As of this writing, BCH has a market cap of $2.03 billion against Stellar XLM’s $2.28 billion. With a trading volume of $144.39 million, Stellar XLM will need more than double of BCHs $310.80 Million current trading volume to stand a chance at maintaining its current position.