Following the big dip and the hopeful recovery the markets have calmed down a little during this morning’s Asian trading session. Bitcoin is hovering just under $8,000 and most of the altcoins have fluctuated plus or minus a couple of percent in the past 24 hours. One has taken a wild ride upwards after losing out more than the others and that is Bitcoin’s nemesis, Bitcoin Cash.
According to Coinmarketcap BCH has jumped 24% on the day. Trading this time yesterday at just under a thousand bucks it is up today to $1,240. Bitcoin Cash lost heavily during the big selloff over the past few weeks. From a monthly high of just under $3,000 it slumped to a low of $780 on February 6 before recovering over 55% to its level today.
Bitcoin Cash has caused a massive rift in the core community with proponents such as Bitcoin dot com’s Roger Ver claiming that it is the original Bitcoin. While detractors say that jumping ship goes against the entire ethos the original founders of Bitcoin envisioned. Bitcoin Cash has a larger 8Mb block facilitating faster and cheaper transactions, though prices for sending Bitcoin have dropped significantly in recent weeks. Either way BCH is out performing BTC at the moment in terms of percentage increase with big brother showing a 2.27% decline on yesterday’s prices.
While no specific news has driven the momentum Bitcoin Cash still remains one of the main cryptos that is easy to trade, it is listed on Coinbase and all major exchanges. BCH remains planted in fourth position in the crypto market cap charts with $20.8 billion invested. It is traded heavily in Southeast Asia with OKEx, Upbit and Bithumb commanding the lion’s share of the trade volume. That volume has been $2 billion in the past 24 hours which has driven the price of BCH back up faster than its siblings.
Other altcoins performing well this morning are Qtum, Bitcoin Gold, and RChain.
More on Bitcoin Cash can be found here: https://www.bitcoincash.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.