Bitcoin Cash (BCH) gained 14% on Wednesday, with the majority of the growth occurring in a short four-hour burst. The bitcoin fork led the way in the market cap top ten, as the broader cryptocurrency market experienced a $12 billion influx.

Almost exactly $1 billion of that figure went straight into bitcoin cash. From Tuesdays low of $375.03, the unit value of BCH rose to $430.09.

That equated to 14.7% growth, and saw the coins market cap climb from $6.8 billion to $7.8 billion. For now, that cements bitcoin cashs fourth place position in the market cap rankings, just weeks after it was temporarily displaced by bitcoin SV (BSV).

CoinMarketCap reported $4.4 billion worth of trade volume for BCH on the day up 41% from $3.1 billion 24 hours earlier. A more conservative estimate from Nomics places transparent volume at $226 million up 45% from yesterday.

Wednesdays surge compounds 91% growth for the month for BCH. Measuring its performance since Decembers market low, we see 147% growth over nine weeks.

While bitcoin cash benefited most from the markets rising tide on Wednesday, observers still had cause to be surprised. The coins community has been locked in heated debate for nearly two weeks concerning an internal development fund.

The BCH tax fund was initially deemed an imposition by a large section of its community. After an anonymous group of miners threatened to hard fork away from the taxed chain, the tax plan was apparently pulled back to the discussion stage.

One positive outlook for bitcoin cash may involve the coins halvening, which is scheduled for Apr. 8. Thats just over a month before bitcoins (BTC) own halving, and may help explain why BCH has outperformed many of its peers of late.

An analogous situation can be seen with bitcoin SV, which is also due to halve its block rewards in April. The coin led by the self-proclaimed Satoshi Nakamoto, Craig Wright, gained 456% from Decembers low. After a significant pullback, the coin retains 254% growth over the past nine weeks.

Disclaimer: The above should not be considered trading advice from CCN.com. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

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Bitcoin Cash (BCH) Price Surges 14% as Halvening Nears - CCN.com