Bitcoin cash approached $ 400

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During the press release, bitcoin cash-U.S. dollar (BCH / USD) exchange rate is $390, which is 25 percent more over the last 24 hours. Week-on-week, the cryptocurrency is increased by 24 percent, and on a monthly basis, it is still cares for a 5 percent loss.

Nevertheless, today's movement is a push for the cryptocurrency, created with the help of a rigid fork of bitcoin blockchain in early August this year. Since bitcoin cash was awarded to investors who owned bitcoin before the fork, its built-in investor base helped to bring it to large volumes from the gate.

However, bitcoin cash is apparently still in the period of price discovery - the digital indicator showed a record mark above $ 970 on August 19, before falling to the level of $ 280 on October 9.

The spike observed today is largely dependent on volume. According to CoinMarketCap, the rally seems to have been fueled by Korean desks offering BCH / KRW pairs.

The volumes on Bithumb, one of the largest exchanges in South Korea, jumped by 41%, which in itself became a notable trend, as the cryptocurrencies have seen big hits from the lists in the region.

The analysis of price action suggests that bitcoin cash could test the psychological level of $ 400 in the short term.