Bitcoin Cash Price Leaps 19% While Other Large-Cap Cryptos Flounder

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
April 23, 2018

The Bitcoin Cash Price leaped by 19 percent on Monday, headlining a tepid market advance which saw most large-cap cryptocurrencies struggle to tread water.

Source: CoinMarketCap

After beginning the day at $389.6 billion, the cryptocurrency market cap made a $10 billion advance, briefly crossing the $400 billion threshold before dipping back down to $399.3 billion at the time of writing. This represents a single-day increase of 2.5 percent.

Bitcoin Price Holds Below $9,000

The Bitcoin price appeared poised to reclaim the $9,000 mantle, and it flirted with this checkpoint throughout the weekend. However, the flagship cryptocurrency failed to assemble sustained support at this level and has settled down to a present value of $8,903 on Bitfinex.

Bitcoin Price Chart

Bitcoin now has a $151.4 billion market cap, which represents a 24-hour decline of one-quarter-of-one-present and translates into a 37.9 percent share of the total market index.

Ethereum Price Posts Minor Gain

The Ethereum price managed to return a slightly better single-day performance, rising two percent to $636 on Bitfinex. Ethereum has a $63.1 billion market cap, as well as a 15.8 percent share of the total cryptocurrency market cap.

Ethereum Price Chart

Bitcoin Cash Price Leaves other Large-caps in the Dust

Most top-tier altcoins returned single-day performances that largely tracked with those of Bitcoin and Ethereum, though there was one notable exception: Bitcoin Cash.

The Bitcoin Cash price exploded by 19 percent on Monday, punctuating a weeklong surge that has seen BCH soar by 83 percent against the dollar. Bitcoin Cash is now trading at $1,394, which translates into a $23.9 billion market cap.

Bitcoin Cash Price Chart

It’s unclear precisely what is fueling Bitcoin Cash’s impressive rally, but it has brought the fourth-largest cryptocurrency within $10.4 billion of third-ranked Ripple, whose price declined two percent for the day and is currently valued at $0.87.

Altcoin Price Chart

Fifth-ranked EOS declined by one percent to $11.58 but managed to retain its edge on Litecoin, whose price rose by nearly one percent to $151.

Cardano and Stellar each declined by approximately two percent and are now trading at $0.28 and $0.37, respectively.

Next to Bitcoin Cash, IOTA posted the top-tier’s most impressive return, rising five percent to $2.16.

NEO rounded out the top 10 with a one percent increase to $77, which allowed the cryptocurrency’s market cap to inch across the $5 billion threshold, marking the first time in quite awhile that every top 10-cryptocurrency has held a circulating market cap above this level.

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.