Bitcoin Cash (BCH) saw its price gains extended on Monday, despite the slight slump in other assets. BCH prices rose by more than 22% net in the past trading week, with most of the gains triggered on Friday.
BCH traded at $159.82 as of 11:20 UTC on Monday, with trading volumes exceeding the equivalent of $500 million in 24 hours. BCH reached a peak at $160.69 on March 16, and has managed to preserve the relatively high price.
Here are 5 possible reasons for the gains:
Bitcoin (BTC) above $4,000: BCH still depends on the leading coin for its price formation. The BCH/BTC pair takes up more than 26% of total activity. The rise of BTC over the weekend, breaking the $4,000 level, helped boost BCH prices as well.
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