Bitcoin Cash Explodes Upwards – Bitcoin In Retreat, Other Cryptos Mixed
Bitcoin Cash had a sensational day on Tuesday and continued the bull run on Wednesday rising by no less than 70% to a high of $3500 which is more than double its trading price of last week where figures were at around $1400. This gigantic leap was not reflected in Bitcoin's price which continued losing ground on Wednesday, dropping by no less than 12% at one point although it eventually recovered to a price of $18500. However as at press time, the price of Bitcoin had gone down to less than $17,000. The other crypto currencies were mixed with Dash registering all-time highs of $1500, a 35% increase while both Litecoin and Ripple dropped by between 5 and 7% respectively. Ethereum was stable with a minute 1% increase while Ethereum Classic lost some ground following yesterday's sensational increase.
The Bitcoin price recovered past $17,000 on Wednesday morning, even as the bitcoin cash price continued to surge as a result of its listing on Coinbase .
According to media reports, Coinbase and GDAX abruptly listed bitcoin cash on their trading platforms last night, further inciting volatility in an already rocky market. To make matters worse, the rollout was messy. Within minutes, the bitcoin cash price ballooned to $9,500 on GDAX, and the exchange halted trading just minutes after it opened. At press time, GDAX's BCH order books remained closed, although Coinbase appeared to be processing bitcoin cash orders normally.
Against this backdrop, the cryptocurrency market cap had an incredibly varied day, swinging tens of billions of dollars at various points during intraday trading. Nevertheless, it ended the day on a pretty high note, and the combined value of all cryptocurrencies currently sits at $626 billion - a single-day increase of about three percent.
The bitcoin and bitcoin cash prices are usually moving in inverse directions, and the ascent of bitcoin cash came at bitcoin's expense. After beginning the day at $18,245, the bitcoin price dipped as low as $16,353 before reversing course on Wednesday morning. By the time of writing, the bitcoin price had recovered past $17,000 and was trading at a global average of $17,573, which represents a 24-hour decrease of four percent and leaves bitcoin with a market cap of $294.4 billion.
Like bitcoin, the ethereum price had a see-saw journey and at one point fell as low as $758. However, the ethereum price managed to end the day just slightly below its previous-day level.
But while bitcoin and ethereum slumped slightly, the third-largest crypto currency raced to an all-time high. Spurred by the positive news related to its listing on Coinbase, the bitcoin cash price rose as high as $3,800 in the global market before settling down to a present value of $3,410. This represents a 24-hour increase of 48 percent and gives bitcoin cash a market cap of $57.5 billion.
Ripple and litecoin each posted moderate decreases in price, perhaps as a result of bitcoin cash's addition to Coinbase. Many ripple advocates believed XRP would be the next cryptocurrency added to Coinbase, while litecoin may have lost a bit of its luster now that it must compete with another payments-focused cryptocurrency. The IOTA price, on the other hand, surged 36 percent on the news that Robert Bosch Venture Capital (RBVC) had made a strategic investment in IOTA tokens.
The price of Cardano declined seven percent - worst among top 10 coins - but Dash, NEM , and Bitcoin Gold managed to end the day with strong runs. Of those, bitcoin gold posted a great advance, rising 32% to $437.