Bitcoin Cash Experienced Two $3,000 Leaps in a Week Amid South Korean Turmoil

Bitcoin Cash Experienced Two $3,000 Leaps in a Week Amid South Korean Turmoil

This week Bitcoin Cash has approached the rate of $3,000 two times, at the period, when the other cryptocurrencies tend to tumble.

Bitcoin Cash Traded at Around $3,000

Being forked in early August 2017, Bitcoin Cash had been demonstrating a steady flux until November, when it started cautiously climbing up. The all-time coin’s high of $4,355 was reached on December 20, which is remarkable as in August Bitcoin Cash was traded at about $500 per unit. However, at the end of 2017 the coin’s price fixed at around $2,500 and at the beginning of 2018, this virtual currency experienced the market share drop as lots of other altcoins.

In early January 2018, the market cap of Bitcoin Cash was making up about 7% of the total crypto market capitalization. Even though, its fraction decreased by 1/10 to just 6.3% when its ilks were breaking records, e.g. Ether.

First Leap

Notwithstanding the above, this week the fourth largest crypto coin in the world reached the margin of approximately $3,000 two times, outperforming itself for the first time in the New Year. On January 7 Bitcoin Cash was traded at over $3,000. There was no apparent impulse for such a surge.

However, as CCN reports, there is a probability that the coin’s success was influenced by the news concerning small mining pool BitClub Network. It was reported that the pool, which at the moment is accounting for approximately 2.5% of the bitcoin hash rate, would commence emitting payouts in Bitcoin Cash form. Simultaneously, it would keep mining the Bitcoin Cash chain.

Small Halt

After the dizzying advances, BTC started sweepingly going down, approaching the low of $2,292 a day later and, unluckily for investors, keeping movement fluid.

Perhaps, it came to a halt partially because of the controversial news concerning South Korean schemes to curb cryptocurrency market in the country. The south Korean crypto trading market is the third largest one all over the globe, so no wonder that rumors led to stumbles in the whole crypto world, even though later the presidential Blue House emphasized that no final decision over the crypto ban in the country was made.

Second Round Rally

Nevertheless, On January 10 Bitcoin Cash returned to the position of growing, so on January 11, BTC leaped again, approaching the $2,976 margin. However, just four hours later the BTC price dropped back to around $2,400 per unit and continued swinging up and down.

At the moment of writing, according to the Bitcoin Cash is being traded at the rate of $2,582 as it has grown by as much as 3.30% within the past 24 hours. Meanwhile, BTC’s crypto market cap is making up $43.6 billion, which is 6.16% out of the total crypto market cap.

And if this week the whole crypto world has been going through uneasy times, finally, on January 12 it is showing positive moves as all top-20 cryptocurrencies, except ICON and RaiBlocks, are showing optimistic trends in growth. In particular, Ripple is climbing up by 18%, Stellar – 34%, and EOS – 40%.

Charts Source:

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