All of the attention in the last couple of weeks has been on Bitcoin – quite understandably as the price has climbed to over $7,000!
The rise in price for Bitcoin has caused many of the ‘Altcoins’ to lose value as investors transfer their money into Bitcoin. However, one coin that has, for the most part, gone under the radar due to Bitcoin’s recent success, is Bitcoin Cash.
Bitcoin Cash which was priced at $458 on Monday is currently at $661 – an increase of over 44%.
Bitcoin Cash caused a lot of controversy when it was first forked from Bitcoin. Many exchanges and wallets, including Coinbase refused to support the coin; investors were weary and sold off a lot of their coins (coins that they had received for free following the hard fork).
We now see what appears to be a lot of trust and backing into Bitcoin Cash – if this continues we wouldn’t be surprised to see the price rise above $700 soon. One of the reasons for the rise in price could be that Bitcoin Cash is currently undergoing an update in their software which will activate on 13 November (click here to read more).
We are expecting more news on Bitcoin Cash in the weeks and months. It is definitely a coin to look out for.
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Many of the Altcoins have recovered slightly today following a week where the King of Crypto’s has dominated. Ethereum has risen by 5%, whilst Ripple’s XRP is currently showing gains of just over 8%.
Be sure to visit our site on Sunday where we will be posting our ‘Crypto of the Week.’
We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.