The price of bitcoin cash rose more than 11 percent on Tuesday, pushing its price to a new two-month high.
Market data shows that the cryptocurrency’s price has risen 30 percent since Sunday, and is currently trading at roughly $623. Bitcoin cash is the fourth-largest cryptocurrency by market capitalization, CoinMarketCap data shows.
The price of BCH was trading hands at $425 before surging 32.5 percent, where it reached a then-peak of $588 on Nov. 5, clocking a 5-week high in the process when it was later confirmed, according to Coinbase exchange data.
The market developments come as bitcoin cash prepares for a hard fork – or backward-incompatible code change – on November 15, this time involving two different implementations: Bitcoin ABC and Bitcoin SV. The cryptocurrency was originally created by way of a hard fork off of the original bitcoin network after the scaling debate boiled over last year.
BCH’s price boost makes it one of the top-performing cryptocurrencies of the day, based on information from crypto-data sources OnChainFX and CoinMarketCap.
Other top performers for Tuesday include XRP, which hit a one-month high earlier in the day (it has since risen above $0.50 apiece as of press time) and Stellar lumens, which has climbed more than 8 percent in the past 24 hours. On Tuesday, wallet service provider Blockchain announced that it would give away $125 million in XLM as part of an airdrop for its customer base.
As of the time of writing, the total market capitalization of all cryptocurrencies is up more than $6 billion on a 24-hour basis, reaching a 22-day high of roughly $218 billion.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Business chart miniature image via Shutterstock; charts by Trading View
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.