Hold onto your hats folks! There is a BCH price rally happening right now! But why!?

The coin has rallied almost 30% at the time of writing; according to coinmarketcap.com, BCH is currently up 28.94%. Are we seeing a repeat of what Ripple (available on Binance) (XRP) accomplished last week?

BCH Price Rally: Is Bitmain the Cause?

So without a doubt, BCH is the best performing coin on the market right now. Analysts are attributing the BCH price rally to the successful IPO filing of Bitmain with the Stock Exchange of Hong Kong Limited.

Mati Greenspan, the senior market analyst for social trading platform eToro, said the following: “This spike was definitely caused by Bitmain’s IPO filing.”

Bitmain IPO

So how come Bitmain news is causing a BCH price rally?

Back in August, a Bitmain investor deck was leaked to the public. Thanks to this, the public got an eyeful of Bitmain’s holdings in various cryptocurrencies including Ethereum (available on Coinbase), Bitcoin (available on Coinbase) and… Bitcoin (available on Coinbase) Cash.

The investor deck showcased that Bitmain has held over 1 million Bitcoin (available on Coinbase) Cash since late 2017. This amount accounts for nearly 6% of the entire circulating supply of BCH and was considered “a very powerful statement that they have skin in the game and put their money where their mouth is.”

Baring in mind that Bitmain is one of the largest digital currency miners in the world, this makes a BCH price rally plausible.