Bitcoin Cash or BCH seems to be pumping a few hours ago as 50% of its volume is controlled by a single exchange. Most of the purchases of Bitcoin cash are from the Korean market, also China stated that BCH(Bitcoin cash) will be given more priority than Bitcoin on regulated exchanges. So this might also be the reason behind this.
Well, let me be clear with some of the possible reasons:
Called off B2X fork:
Segwit2x fork scheduled near Nov 14–16 is now called off. Bitcoin (BTC) was getting pumped until the news came up since investors wanted free-money - the free coins you get after a fork.
The B2X fork was primarily concerned with increasing the block size to 2 MB from current size of 1 MB in order to process more transactions. Currently, BTC network can handle up to 7 transactions per second in contrast with 20,000 transactions per second for payment gateways like VISA and MasterCard. BCH has already solved this by making its block size as 8 MB.
Bitmain accepts only BCH now:
Bitmain, the famous online Bitcoin mining website, has announced that it will accept payment only in Bitcoin Cash coins.
As we are done with Bitcoin Gold (BTG) fork and B2X fork is now called off, we have no other BTC fork coming up in near future but we do have a Bitcoin Cash fork scheduled for Nov 13 - this full node implementation is named Bitcoin ABC.
Bitcoin classic closure and migration of it's community to bitcoin cash:
Initiated in 2016, Bitcoin Classic's goal was to increase bitcoin's transaction capacity by raising the block size from 1MB to 2MB, Classic will stop operations in a few days urging all miners and nodes currently supporting the network to immediately migrate to an alternative like Bitcoin Cash.
Finally, traders and investors were buying more and more BTCs as the fork was getting near. This increased BTC demand and hence prices. But when the project was called off due to no common consensus, the invested money had to flow into altcoins (coins other than BTC) and BCH seemed to be one of the best options to them. In addition to provided reasons for BCH demand, the congestion issue regarding the network is already solved and the volume of BCH is catching on to BTC. A single transaction for BTC due to its wider adoption and volume takes 1–2 hours now whereas BCH transaction is a matter of few minutes only. In a way, Bitcoin Cash is what Segwit2x wanted to be. The only thing lacking is wider adoption since newcomers would prefer BTC for its popularity.
However, the last few hours soaring in prices was actually pumping and as of now, BCH is stable. The trading and pumping were so high that the popular Indian exchange, Koinex, got unresponsive for an hour and they had to initiate unscheduled maintenance.