During trade on Monday the cryptocurrency market has rebounded strongly from last week’s meltdown.
At the time of writing the entire market is valued at US$391.4 billion according to Coin Market Cap. This is a 13.5% or US$46.5 billion improvement since late on Friday afternoon.
A 10.5% rebound in the bitcoin (BTC) price over the last 24 hours has played a key role in this recovery given that it equates to 41.8% of the entire market, but it isn’t the only cryptocurrency making a notably strong gain today.
The biggest mover amongst the major cryptocurrencies has been the Bitcoin Cash (BCH) price.
At the time of writing Bitcoin Cash is up over 16% during the last 24 hours to US$1,152.56 per token. This significant move higher has lifted the market capitalisation of BCH to a sizeable US$19.6 billion.
Why is Bitcoin Cash storming higher?
As well as getting a boost from the rebound in the crypto market, Bitcoin Cash was given an additional boost from reports that it may be added to a leading cryptocurrency exchange in the United States.
According to Bloomberg, the Winklevoss twins’ Gemini Exchange is looking into providing its users with the ability to trade both Bitcoin Cash and Litecoin (LTC).
This is not only expected to open the two cryptocurrencies up to a wider audience, but it could potentially lead to futures contracts also.
At present the Gemini Exchange has an exclusive deal to supply the data used to calculate Cboe’s Bitcoin contract. With Cboe rumoured to be interested in expanding its crypto futures contracts outside bitcoin, this could be the start of even wider greater availability of the fourth and fifth largest cryptocurrencies.
Though it does also grant traders the ability to short cryptocurrencies as well. So, it could ultimately be both a positive and negative depending how sentiment is at the time. As a result, it could make Bitcoin Cash an even more volatile than normal asset over the coming months.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.