Bitcoin Cash’s price rose above the $400 mark today, breaking the rangebound market trend of the past several days.
The cryptocurrency climbed as high as $406 today, according to data from CoinMarketCap. The move followed days of steady market fluctuations, with the price of Bitcoin Cash trading no more than a few dollars above or below the $300 level.
The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade through its Korean won-Bitcoin Cash trading pair, CoinMarketCap figures show. The exchange reports more than $145 million in volume over the past 24 hours.
At press time, Bitcoin Cash is trading at about $391 on Bithumb.
As previously reported by CoinDesk, Bitcoin Cash split off from the main bitcoin blockchain earlier this monthwhen a group of miners and developers moved to adopt software, with new network rules, that was incompatible with the rest of the network. The result: bitcoin “forked” into two distinct blockchains with their own freely-traded digital assets.
Today’s upward price action comes just hours after bitcoin reached a new all-time high above $4,500.