Bitcoin Cash climbed past $4,000 today, rising 80% in 24 hours.
Bitcoin Cash surged more than 80% in the space of 24 hours, pushing higher as the digital currency benefited from several factors. The alternative protocol asset or “altcoin” rose to as much as $4,355.62 today, representing a 81.5% increase over the last 24 hours, CoinMarketCap data reveals.
The cryptocurrency had retreated slightly at the time of report, trading at $4,160.14, additional CoinMarketCap data shows.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Interesting Developments The last few days have come along with some very interesting developments for Bitcoin Cash.
Yesterday, both Coinbase and its exchange GDAX announced that they would offer trading of the altcoin. The digital currency’s price quickly climbed above $3,000, rising to an all-time high.
Since then, Coinbase revealed that it is looking into claims of insider trading, seeing as how the price of Bitcoin Cash rose significantly before the exchange operator announced the cryptocurrency was available for trade. Coinbase co-founder and CEO Brian Armstrong penned a blog post, stating that the company’s employees have been warned repeatedly that insider trading will not be tolerated. Since Coinbase’s decision to add Bitcoin Cash trading functionality has generated significant headlines, any such developments could draw great interest from the broader digital currency markets. Amid these exciting news revelations, a handful of market analysts singled out some more practical reasons for why Bitcoin Cash has surged lately. Investors Seek Diversification Bitcoin Cash has been pushing higher as investors diversify their portfolios through altcoins, several market observers claimed. Even after its latest pullback, Bitcoin has climbed more than 100% over the last month, noted Jacob Eliosoff, a digital currency fund manager. As the world’s largest digital currency by market capitalization continues to rise, investors are likely “opting to diversify a bit,” he stated. Mati Greenspan, senior market analyst for social trading platform eToro, asserted that Bitcoin Cash is “a natural addition to any diversified crypto portfolio” since its price has a “reverse correlation” to that of Bitcoin. Digital currency analyst Marius Rupsys also spoke to this price relationship between the two digital assets, stating that “there were times when bitcoin was going down and bitcoin cash was going up, so some traders are hedging.”
Rotation Out Of Bitcoin
Some investors have been rotating out of Bitcoin in an attempt to beat the markets, according to analysts. Tim Enneking, managing director of Crypto Asset Management, recently spoke to this development, noting that investors have been selling Bitcoin and buying altcoins instead. Investors have been flocking to these altcoins as they take profits from Bitcoin, said Greenspan. Accessibility The simple fact that Coinbase has enabled Bitcoin Cash trading has provided far more accessibility to this digital currency, according to Yazan Barghuthi, project lead at Jibrel Network. He stated: “The biggest limitation in alt-coins is accessibility for the common investor,” he stated. “The addition of BCH to Coinbase has provided a new sizable liquidity channel, one that targets existing investors.” Sources: Forbes
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