Bitcoin Cash (BCH) gained more than 24% overnight, starting a series of jumps on Monday around 16:00 UTC. It reached $115.49 on volumes above the equivalent of $283 million. The recovery is still far from compensating for the losses incurred after exchanges awarded the BCH ticker to the BCHABC market. This led to confusion, shrinking volumes, a period of locked wallets, and a steep price dive.

One of the reasons for the speedy recovery in BCH is the Bitcoin (BTC) price, which broke above the $3,700 level on two consecutive days of positive growth. At the same time, a significant portion of BCH trading depends on Tether (USDT). Based on CryptoCompare data, the share of USDT pairs is 29% of all BCH trades. As for the BCH/BTC pair, more than 68% of volumes are concentrated on LBank.

This article appeared first on Cryptovest

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