Categories: CryptoNews

Price of Bitcoin Cash Soars to All Time USD High of $2700

With Bitcoin’s recent correction from $20,000 down to $18,000, Bitcoin Cash (BCH) has rallied, currently valued at over .15 BTC and over $2,700. With uncertainty surrounding Bitcoin increasing due to launch of CME futures and ever increasing network congestion, investors are flocking to BCH as a hedge against Bitcoin.

Since its inception on August 1 of this year, Bitcoin Cash has maintained an inverse relation to Bitcoin. After touching $20,000 on Sunday, Bitcoin has gone through a gradual decline, currently trading around $17,700. This correction can be attributed to uneasiness surrounding yesterday’s launch of Bitcoin futures trading on CME, the largest derivatives market in the world.

While this recent volatility is insignificant compared to last week’s trends, when CBOE launched Bitcoin futures, causing price fluctuations of almost 20% throughout the day, Bitcoin supporters and speculators are hedging with other cryptocurrencies in fear of Wall Street manipulation.

Related Post

Backed by major personalities Roger Ver, Craig Wright, and Jihan Wu, supporters of Bitcoin Cash point to Bitcoin’s network congestion, censorship within the community, and method of development as signs that Bitcoin has strayed from Satoshi Nakamoto’s vision, and that Bitcoin Cash is the true coin.

While most are skeptical of the legitimacy behind the BTC fork, savvy investors have traded BCH in anticipation of Bitcoin downtrends, where BCH has historically flourished. This recent run up is no different, and likely will continue only so long as Bitcoin’s downwards movement continue.

In the near future, however, both supporters and skeptics have reason to be concerned about the direction the price of BCH is headed. Over the summer, Coinbase announced that users that who held Bitcoin during the block in which Bitcoin Cash was forked would have access to their funds on January 1, 2018. Just under 7 million BCH have been claimed, and when Coinbase users have permission to move their BCH, it’s to be expected that the circulating supply of BCH will increase dramatically. Without a major source of new money to purchase these newly circulated Bitcoin Cash, it is likely that the price will drop drastically.

Because of this, short term BCH buyers are taking massive risks in purchasing Bitcoin Cash now. If they aren’t able to sell out before others do in preparation for Coinbase users, they will see significant BTC losses on their current positions.

Zane Huffman

Zane is a crypto enthusiast who has been involved since August 2013. He is a trader and writer of all things cryptocurrency. He is very excited for the role cryptocurrency will play in the future, especially in regards to the videogaming industry.

Share
Published by
Zane Huffman

Recent Posts

Elrond Price Up 19% After Maiar DEX Launch

Elornd price is up over 19% today, setting it as the biggest gainer on Crypto.com.…

7 hours ago

Top 3 Most Anticipated Metaverse Coins on the Market

Metaverse is the name of the game when it comes to high ROI cryptocurrency projects.…

8 hours ago

SafeMoon Price Shows Strong Support at the $0.000003 Level

SafeMoon price shows strong support at the $0.0000031 level as cryptocurrency markets continue to struggle…

10 hours ago

3 Insanely Undervalued Shiba Inu Themed Meme Coins

If you missed the Shiba Inu hype, the good news is it's never too late.…

11 hours ago

Celer Network Price Up 19%, Is This the Next Loopring?

Celer Network price is up 19% today, making it the biggest gainer on Crypto.com. Currently…

14 hours ago

Is Metahero the Golden Ticket for Metaverse 3.0?

Metaverse coins are all the hype right now, and recently we've been asked on twitter…

14 hours ago

This website uses cookies.