The markets are now two days removed from the UAHF that created bitcoin cash. The bitcoin price has stood firm throughout the turbulence and continues to hold above the $2,750 level. The bitcoin cash price remains volatile, arcing downward on Thursday after Wednesday’s rapid climb. The ethereum price, meanwhile, has risen more than 10% in the past week.
Bitcoin cash propelled the total value of all cryptocurrencies to $105 billion on Wednesday, but the total cryptocurrency market cap lagged on Thursday. It briefly dipped below $100 billion but has since fought back to $101.8 billion.
The bitcoin price has thus far demonstrated tremendous resilience throughout the hard fork saga, causing even Motherboard to concede that “bitcoin has sailed through another crisis with nary a scratch.” Since August 2, the bitcoin price has consistently traded between $2,670 and $2,770. At present, the bitcoin price is $2,756 – a 24-hour increase of 1.4% and a weekly rise of 7%. Bitcoin’s market cap is $45.4 billion.
All eyes have been on bitcoin and bitcoin cash this week, but the ethereum price has quietly put together an impressive run. Last week, the ethereum price was reaching the end of a month-long decline that eventually stretched as low as $180 on July 29. Since then, the ethereum price has climbed more than $45. A single unit of ether is currently trading at $227; that’s a daily gain of 3% and a weekly increase of 12%.
Ethereum now has a market cap of $21.3 billion.
Yesterday, the bitcoin cash price leaped to $757 and a $12.5 billion market cap. BCH was unable to sustain that level, though, and the bitcoin cash price crashed by 59% to $309 within a six-hour period. The plunge hit bitcoin cash so hard that it temporarily dropped to 4th in the market cap rankings, pushing Ripple back into 3rd. Since then, the bitcoin cash price has experienced a moderate recovery and presently sits at $426 for a 24-hour decline of 36%. At $7 billion, it retains a slight market cap edge on Ripple.
However, the real fun has yet to begin for the bitcoin cash markets. Most major exchanges have yet to enable bitcoin cash deposits and withdrawals – or require extended confirmation periods- meaning that most trading is occurring within a bubble. When the general public acquires an outlet to liquidate their BCH holdings and trade into USD, market volatility will increase and we will eventually gain a clearer picture of where bitcoin cash will emerge on the charts.
Altcoins continued to press forward on August 3, although prices have retracted a bit within the past hour. Ripple remained fairly steady, while the litecoin price inched up to $43. The ethereum classic price posted a 3.5% gain. Eighth-ranked Dash continues to nip at its heels with a 1% increase to $184. The IOTA price rose 17% to $0.322 and a market cap of nearly $900 million. The Monero, Stratis, and EOS prices all held fairly steady.
NEM continued its rapid climb on Thursday, increasing 9% to $0.229. In the past week alone, the NEM price has risen by 40%. NEM now has a market cap of more than $2 billion and is just $180 million behind 5th-place litecoin.
Bitcoin reclaimed a bit of market share from bitcoin cash on Thursday and now boasts 44.5% of the total crypto market cap. Ethereum’s share rose to 20.9%, while bitcoin cash’s declined to about 7% (BCH is not represented on the chart below).
Featured image from Shutterstock.
Last modified: June 10, 2020 1:55 PM UTC