Things are still looking remarkably positive for Bitcoin Cash, the recently created altcoin which forked off the Bitcoin blockchain. For a project many assumed would fail and lose value pretty quickly, things have taken an interesting turn. In fact, the Bitcoin Cash price is skyrocketing right now and even managed to surpass the US$750 mark. It is evident the game is afoot, although no one knows for sure what will happen in the coming hours or days.
Bitcoin Cash Price is off the Charts
No one expected such a significant growth for Bitcoin Cash on its first two days. Even though there is no real reason to think this altcoin is worthless, the fact it is gaining on Bitcoin so quickly is rather unprecedented. In fact, one BCH token is worth US$756 at the time of writing, which is an obscene value, all things considered. That same token was worth less than US$100 this morning after a lot of people sold off their coins for bottom prices.
A valuable lesson can be learned here, though: never sell your new coins too early or you may regret it. People who purchased BCH at 0.03 Bitcoin this morning currently sit on a 1,300% profit for doing absolutely nothing. That is by far the easiest way to get rich these days, as there is no other “investment” which comes even close to such returns. Then again, Bitcoin Cash could have easily been a dud for all we know and things would have looked very different if that was the case.
That being said, we are now part of an era where two “competing” types of Bitcoin are trying to one-up one another. Although some people will gladly argue Bitcoin Cash can never compete with Bitcoin – it is still not accepted as an official payment method anywhere as far as we know – the charts tell a very different story. One BCH is valued at 0.277 Bitcoin, even though it is currently traded around 0.41 Bitcoin on the Bittrex exchange. All other exchanges are well behind Bittrex in this regard, but that particular platform doesn’t allow BCH deposits for the time being.
The Bitcoin Cash price increased by a staggering 121.35% over the past 24 hours. That is simply amazing to witness, regardless of your feelings toward the project. Seeing a part of the community split from the main Bitcoin chain and still create a valuable token in the process is rather intriguing. More importantly, the Bitcoin Cash price is not affecting the value of Bitcoin all that much. Value has effectively been created out of thin air, by the look of things. Rest assured this upward momentum can’t carry on forever as far as BCH is concerned, though.
As is to be expected, Bittrex is the market leader in terms of trading volume. However, with the exchange not allowing deposits to take place – nor does Yobit – that price is heavily inflated. It may also be a sign of things to come for the Bitcoin Cash price, though. If it were to stabilize around the 0.4 Bitcoin mark, Bitcoin Cash would effectively have a US$1,000 value per token. Such a development seems highly unlikely right now, but one never knows what the future may have in store.
If Bitcoin Cash can keep this momentum up – which seems highly unlikely – it may overtake Ethereum’s market cap in the coming days. Right now, the surging Bitcoin Cash price results in a market cap of US$12.312 billion. Bitcoin’s market cap is still sitting at US$44.859bn, as it is not affected in a significant way. Only time will tell how this situation will evolve, but all Bitcoin Cash holders will be incredibly pleased with these developments.
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from The Merkle