75 Percent Increase? Bitcoin Cash Profits Big from BTC Uncertainty
Multiple factors have given overnight strength to Bitcoin Cash, its value increasing 75 percent.
Bitcoin Cash (BCH/BCC) has jumped 75 percent in value in 24 hours after the fork mined its first 8mb block.
Reacting to additional uncertainty surrounding a further Bitcoin split and a suggestion Bitcoin Core may fork, Bitcoin Cash rapidly appreciated to a high of $547 per coin.
The Bitcoin fork is currently trading around $490 according to cross-exchange data from Coinmarketcap.
Bitcoin Cash had garnered mixed reactions following its launch and subsequent price slide to below $300, around which it stayed for several weeks.
A statement from BitPay about the upcoming SegWit rules activation Aug. 20 seemed to argue that Bitcoin Core would face more disruption in the future regarding SegWit.
This, commentators suspect, may even make Bitcoin Cash the longest chain, an idea which is significantly boosting the price jump.
Bitcoin Cash rises to 3rd position following first ever 8MB block + increased chances Bitcoin Core might fork off after BitPay's statement pic.twitter.com/6Ng5rSx7tv— Andrew Quentson (@Aquentson) August 17, 2017
Even more encouraging news for the fork’s loyal supporters came in the increasingly profitable option of mining BCH versus traditional BTC.
Bitcoin (BTC) meanwhile continues to float below all-time highs achieved yesterday, trading around $200 lower per coin compared with the peak.
The move downward represents a widely expected correction following a week of faster-than-ever gains that saw over $1,000 added per coin.