The price of %BitcoinCash (CRYPTO: $BCH) has risen to $500 U.S., its highest level in more than a year,
as trading volumes in the %Cryptocurrency spiked 22% in the past 24 hours.
Analysts say the volume surge has broken down short-term resistance levels and allowed the price of BCH to gain nearly 5% over the past day.
Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of %Bitcoin (CRYPTO: $BTC).
Some analysts and investors view Bitcoin Cash as offering faster and lower-cost transactions than the original Bitcoin.
Bitcoin Cash has seen multiple volume spikes over the last 24 hours as traders turn bullish on the cryptocurrency and push its price to a fresh 52-week high.
The rise in Bitcoin Cash over the last 24 hours comes despite market headwinds such as the escalating conflict between Israel an Iran and U.S.-China trade tensions.
The last time Bitcoin Cash was trading this high was in spring 2024 when the price reached nearly $700 U.S.
The all-time high for BCH occurred in December 2017 when the price was at $2,981.93 U.S. per digital token.
