Bitcoin Cash Price Leads the Index as Market Recovers to $400 Billion

Journalist:
February 8, 2018

The cryptocurrency markets continued to advance on Thursday, but today’s returns were far more muted than the euphoric leap that greeted investors on Wednesday. The rally was largely concentrated among large-cap coins, and the Bitcoin Cash price posted far-and-away the top gains of any top-tier cryptocurrency. Altogether, the cryptocurrency market cap added approximately $11 billion, enabling it to once again climb past the $400 billion barrier.

Source: CoinMarketCap

Bitcoin Price Extends Its Recovery

The Bitcoin price rose for a second consecutive day, eventually reaching a present value of $8,481 on cryptocurrency exchange Bitfinex. This works out to a single-day increase of about four percent and provides Bitcoin with a market cap of $142.7 billion.

Bitcoin Price Chart

Ethereum Price Targets $850

The Ethereum price charted a similar course to Bitcoin, ending the day in positive territory despite a fairly-pronounced early morning dip. Ethereum is now trading at $833, which represents a 24-hour increase of about two percent and give the second-largest cryptocurrency an $81.5 billion market cap.

Ethereum Price Chart

Bitcoin Cash Price Headlines the Market

Despite minor gains toward the top of the charts, the remainder of the altcoin markets were quite choppy. Aside from Ethereum, only one top 10-altcoin posted an increase for the day — Bitcoin Cash.

Indeed, while most top-tier altcoins posted minor declines, the Bitcoin Cash price surged by 20 percent, outperforming every other top 35-cryptocurrency. Bitcoin Cash now has a market cap of $20.3 billion, placing it about $9 billion behind third-ranked Ripple, whose price declined three percent for the day.

Bitcoin Cash Price Chart

It’s not immediately clear what’s behind today’s dramatic Bitcoin Cash price rally. Decentralized marketplace OpenBazaar recently added support for BCH, but this was not a surprise and should not have had such a great impact on the coin’s price.

That said, Bitcoin Cash did post the worst performance among top-10 cryptocurrencies on Wednesday, making it plausible that the coin is just now catching the recovery’s tailwinds.

Fifth-ranked Cardano, meanwhile, sunk back in the red with a three percent decrease to $0.36. EOS performed slightly better but still declined by two percent.

Litecoin endured a three percent pullback that forced its price back below $150, while NEO declined by two percent to $114.

Stellar and NEM rounded out the top 10 with declines of four percent and two percent, respectively, bringing the two tokens to present values of $0.36 and $0.57.

Featured image from Shutterstock.

Tags: Bitcoin Cash
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.