Today, on November 23, the Ethereum and Bitcoin Cash price rose significantly within a 24-hour period, as the price of Ether surpassed $380 while Bitcoin Cash recorded a staggering 31 percent daily increase.
Bitcoin Cash’s Price Surge
Since last week, the price trend of Bitcoin Cash has demonstrated an inorganic growth rate, as it rose from $800 to $2,900, and fell back to $1,200. For any leading cryptocurrency such as bitcoin, Ether, and Bitcoin Cash, a 31 percent overnight increase from $1,150 to $1,620 is not organic, and is likely triggered by a sudden movement of large sums of capital from one cryptocurrency to the other.
But, the Bitcoin Cash market and industry are growing at a rapid rate, primarily due to the increasing adoption of the cryptocurrency amongst bitcoin platforms. Most recently, Bitstamp and Blockchain, major bitcoin exchanges and wallet platforms, announced their plans to integrate Bitcoin Cash by the end of 2017.
The integration of Bitcoin Cash by Bitstamp will grant the cryptocurrency with more liquidity apart from South Korean trading platforms such as Bithumb, Korbit, and Coinone, which have been accountable for nearly 60 percent of global Bitcoin Cash trades.
Blockchain wallet application’s implementation of Bitcoin Cash is particularly crucial for the mid and long-term adoption of Bitcoin Cash, given that Blockchain is the second most popular bitcoin wallet in the market behind Coinbase.
“Market demand for Bitcoin Cash has proven strong and, in our view, it’s likely here to stay. We plan to offer full support for Bitcoin Cash before the end of year on web with support across all our platforms before end of the end of Q1 2018,” said the Blockchain development team.
Furthermore, Roger Ver and Bitcoin.com have been aggressively marketing Bitcoin Cash to the masses, attempting to brand Bitcoin Cash as bitcoin, despite the criticism from many experts in the industry such as Bitmain founder Jihan Wu and Litecoin creator Charlie Lee.
Wu’s opposition to the branding of Bitcoin Cash as Bitcoin is important to acknowledge as Bitmain, Antpool, and Jihan Wu are the most avid and influential supporters of Bitcoin Cash.
Ether Back to $380
Since the Chinese government’s crackdown on initial coin offerings (ICO) on September 1, the Ether price has struggled to achieve a new all-time high and break the $400 mark.
Two months later, as billionaire hedge fund investor Mike Novogratz emphasized, Ether is preparing to initiate new rallies that would likely allow it to surpass the $400 mark in the short-term.
Recently, the daily transaction volume of the Ethereum network surpassed that of all of the cryptocurrencies combined in the market. In terms of daily usage, the Ethereum network is the most widely utilized cryptocurrency in the market and the mid-term price trend of Ethereum has demonstrated the increase in adoption of the Ethereum blockchain network.
With several hedge funds backed by large investment banks such as JPMorgan planning to launch Ethereum-focused bonds and funds by early 2018, the price of Ether will likely continue to surge throughout 2017.
Featured image from Shutterstock.
Last modified: May 20, 2020 9:25 PM UTC