Bitcoin cash scaled new heights today and looks solidly bid against its rival bitcoin (BTC).
As per CoinMarketCap, the world's third-largest cryptocurrency by market capitalization toppled its previous record high of $2,477.65 (Nov. 12 high) and rose to a new record of $2,501.29 at 09:44 UTC today. Bitcoin cash (BCH) was last seen trading at $2,350 levels, meaning the 21 percent rally seen in the last 24 hours has pushed the gains since its launch to 316 percent.
Meanwhile, week-on-week, BCH has appreciated 43 percent.
The stellar rally is a part of the broad-based strength witnessed in the alternative currencies since last Tuesday. With bitcoin (large cap) showing signs of fatigue near the $20,000 mark, the rotation to small caps seems to have gathered pace. This is evident from the spike in trading volumes on exchanges offering BCH/BTC pairs.
Also, the investor community may have bought BCH on speculation that integration with payment processor BitPay would open the doors to more widespread adoption (and boost its utility as a payment method). The price chart analysis says the rally in BCH is here to say.